COFCO has sold its 64,000-square-foot warehouse that also served as its corporate headquarters and showroom at 2200 N. American St. in the Kensington neighborhood of Philadelphia for $8.75 million.
The corporate office furnishings dealer bought the building in the fall of 1999 for $1.5 million. Brick Capital Real Estate Development, a Philadelphia developer of multifamily properties, purchased the property that spans an entire block.
“It was not on the market but after the sixth time I said no, I was given an offer I couldn’t turn down,” said Joan Waters, CEO at COFCO. “To be honest, the neighborhood continues to turn residential and it is no longer just an industrial corridor. It makes me very sad to see what has happened to the area and once we received the unbelievably high offer it just made sense to sell.”
Waters saw the shift coming more than five years ago and it worried her.
*Article courtesy of Philadelphia Business Journal
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