Wednesday, June 23, 2010

Keystone Industrial buys Oxford site

"Keystone Industrial Properties Inc. bought the former Oxford Bookbinding Co.’s facility off Red Lion Road in the Philadelphia Industrial Park for about $1.1 million. The 58,780-square-foot building at 3101 Red Lion Road in Philadelphia had been on the auction block since October. That’s when Oxford, having filed for Chapter 7 bankruptcy, was liquidating assets, including the building and equipment inside.

While the auction for the equipment was successful, the sale of the 42-year-old building was not.

A buyer was lined up for the vacant building after the auction but that deal fell through.

Once the original sale didn’t close, Keystone was approached and a deal was struck, Olender said. Keystone Industrial bought the property for investment purposes."

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