Bridge Investment Group of Salt Lake City paid $33.25 million for 11311 Roosevelt Blvd., a 229,459-square-foot warehouse in Philadelphia, according to city property records.
It bought the building from Covington Property Partners, a Dallas company that acquired it in February 2021 for $12.5 million. Covington purchased the building through a bankruptcy sale of National Publishing Co.’s assets. National had used the space as a warehouse and distribution center.
After the sale to Covington, the City of Philadelphia leased the building for 16 years and has two 5-year extension options. The city is using it as a storage facility for equipment.
The first year’s annual base rent is $1.91 a square foot and totals $438,798, according to an ordinance that Philadelphia City Council signed off on when approving the lease on June 17, 2021. From there, rents rise to $6.26 a square foot in the second year and top out at $12.43 a square foot by the end of 26 years if the city executes on the two options to extend the lease.
*Article courtesy of Philadelphia Business Journal
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