Stag Industrial, a Boston-based investment trust, bought a 152,625-square-foot industrial building in Harleysville for $14.8 million, according to property records.
The property at 1510 Gehman Road is just east of I-476 and south of Detwiler Road. It was previously owned by Platinum Owner PA LLC, which bought the building for $15 million in December 2020. Less than three years later, the value dropped by $173,000.
Stag (NYSE: STAG) owns about two dozen assets in the Philadelphia market totaling 5.5 million square feet of warehouse distribution and manufacturing space. As of March, the company owned 561 properties totaling 111.6 million square feet and that are collectively worth around $6 billion.
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