University of Pennsylvania Buys 247 KSF Industrial Asset
- Jul 24, 2018
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