A New York investment firm has acquired a 305,000-square-foot distribution center near Northeast Philadelphia Airport, marking another significant industrial sale in the area. Eagle Cliff Real Estate Partners purchased the property at 11350-11400 Norcom Road from 5601 Tulip LLC and Monarch Global Brands, as announced by real estate brokerage Binswanger.
The sale price was $33.7 million, according to an industry source, a remarkable increase from the $3.3 million paid for the property in 2016. Built in 1965, the building sits on 16.8 acres and is fully occupied by Monarch, a wholesaler and manufacturer of microfiber and linens, along with another tenant.
*Article courtesy of Philadelphia Business Journal
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