Exertis Almo has sold its 143,060-square-foot headquarters at 2709 Commerce Way in Northeast Philadelphia to a Boston-based real estate investment firm for $27.2 million. The deal is structured as a sale-leaseback, which breaks down to approximately $190 per square foot. The buyer is an entity affiliated with Cabot Properties.
The transaction comes on the heels of Almo Corp.’s $610 million acquisition by Ireland-based DCC plc in 2021. Following the acquisition, the longtime family-owned business was rebranded as Exertis Almo to reflect its integration into DCC’s technology division.
Founded in 1946 and operated by the Chaiken family for three generations, Exertis Almo is a major distributor of appliances and AV equipment, generating around $1 billion in annual revenue with a workforce of more than 300. The company now manages roughly 2.7 million square feet of warehouse space across 12 U.S. locations.
*Article courtesy of Philadelphia Business Journal
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