Philadelphia-Area Distribution Facility Trades for $13M
- May 25, 2018
One Liberty Properties has acquired a 291,203-square-foot industrial asset in Pennsburg, Pa. CBRE arranged the sale and leaseback transactions of the distribution facility, which is net leased through 2028. According to public records, RAF Industries Inc. sold the property for $12.7 million.
The asset is located at 2452 Quakertown Road, a 10-minute drive away from Interstate 476, while downtown Philadelphia is roughly an hour’s drive of the 30.2-acre site. The property was completed and expanded between 1986 and 1994. Since 2006, the building served as headquarters for Campania International and U.S. Tape.
CBRE Capital Markets’ Institutional Properties team of Vice Chairman Michael Hines, Executive Vice President Brian Fiumara and Director Lauren Dawicki, along with CBRE National Partners, represented the seller. “This was a great opportunity for RAF Industries to monetize their asset and sign below market leases for operation efficiencies,” said Hines, in prepared remarks.
Last year, One Liberty sold a vacant property in Colorado for $9.1 million, resulting in an anticipated gain of $6.5 million for the company. Sports Authority was the last tenant of the 45,000-square-foot asset before the sale.
Image courtesy of CBRE