Northeast Philadelphia industrial building trades for $33.5M
A 454,456-square-foot industrial building in Northeast Philadelphia has sold for $33.54 million after attracting a dozen offers.
A joint venture between two New York firms, Ajax Advisors and Brickman Associates. The building at 11200 Roosevelt Blvd. sits on 25 acres and was fully occupied at the time of the sale to such tenants as Philadelphia Delivery Systems, IK Marketplace, Philadelphia Academy Charter School and Dependable Distribution Services.
Though some of its characteristics can be unattractive to investors — it was built in 1960, is adjacent to a shopping center, and a charter school is a tenant as is a cocoa bean distributor — it still garnered 12 offers.
Despite some of its drawbacks, the building had other compelling features that attracted bidders. $3.7 million was invested in various upgrades including a new roof, electric service and fire alarm system. The property is also located in one of the hottest industrial markets in the Philadelphia area, sits along the Interstate 95 Corridor, and is ideal for last-mile distribution.
*Article courtesy of Philadelphia Business Journal
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