Less than two years after buying a 65,856-square-foot building in Northeast Philadelphia for $4.4 million, Abrams Realty Development has sold it for $9.75 million.

The value of the building at 13200 Townsend Road more than doubled, primarily as the result of a new tenant. Earlier this year, Amazon.com Inc. leased the entire structure for one of its last-mile distribution centers.

Abrams Realty bought the building on 7.3 acres in August 2019 from pharmaceutical firm Lannett Co. Inc. and had plans, through affiliate Farm Works Realty, to establish a state-of-the-art hydroponic facility to grow lettuce. When the pandemic hit, Abrams decided to pull back on those plans.

Abrams instead temporarily leased the building to McDaniel Trucking and Federal Express, and then leased it to Amazon this past February. The e-commerce retailer has ramped up leasing buildings for its last-mile distribution network as consumers began to rely more on online shopping during the pandemic.

Earlier this year, Northbridge, which focuses on buying last-mile distribution centers, paid $25.5 million to buy a four-building industrial portfolio in Northeast Philadelphia. Those buildings total 281,000 square feet and are located in the Byberry East and Byberry West part of the Philadelphia Industrial Park at 2722 Commerce Way, 2801-17 Southampton Road, 2825-45 Southampton Road, and 2191 Hornig Road.

*Article courtesy of Philadelphia Business Journal

For more information about Philly Industrial space for sale or lease in Philadelphia and Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.