University of Pennsylvania Buys 247 KSF Industrial Asset

The property is less than 1 mile from Interstate 95 and approximately 3 miles from Philadelphia International Airport. Binswanger brokered the transaction.
Eastwick Business Center
Eastwick Business Center

Trustees of the University of Pennsylvania, as owner and operator of the University of Pennsylvania Health System, has acquired Eastwick Business Center, a 247,447-square-foot industrial property in Philadelphia. GMIP South 76th Street LP sold the asset for $14.3 million. 

Eastwick Business Center is located at 3250 S. 76th St., in the southwestern part of the metro. The single-story building constructed in 1980 sits on a 12.4-acre lot. The area has an I-2 zoning code, classifying it for medium industrial development. The facility features 40 by 40-foot column spacing, 21-foot ceiling clear heights, sky lights, insulated ceilings, wet fire sprinklers and HVAC. It has 18 dock-high and five grade-level loading doors, with heights of 10 and 14 feet respectively.

The location provides potential tenants with immediate access to major transportation routes. Interstate 95 is less than a mile from Eastwick Business Center, in turn provides access to interstates 76, 676 and 476. Philadelphia International Airport is just under 3 miles away, while the Philadelphia CBD is about 9 miles away.

Chris Pennington, senior vice president at Binswanger’s Philadelphia office, negotiated the transaction. The company recently brokered the $2.7 million transaction of a mixed-use asset in Huntsville, Ala., a deal negotiated by Binswanger’s Atlanta office.

Image courtesy of Yardi Matrix