Thursday, January 30, 2014

Lannett Co Acquires Two Philadelphia Industrial Bldgs for $9M

Lannett Company, a Philadelphia-based manufacturer and distributer of affordable generic medications, acquired the industrial building at 11501 Roosevelt Blvd. in Philadelphia, PA from Bridgeblocks Partners II LP for $5 million, or about $26 per square foot. 

The 196,000-square-foot distribution building was constructed in 1969 with renovations in 2000. The building is situated on 15.3 acres and contains three loading docks and 32-foot ceiling heights. 

In a separate transaction, Lannett Company also purchased the adjacent industrial building at 11601 Roosevelt Blvd. in Philadelphia from Inrevco Associates LP for $4 million, or about $9 per square foot. 

This 452,262-square-foot manufacturing building was constructed in 1963 on 23 acres in the Greater Northeast Industrial submarket of Philadelphia. It features five loading docks, 15-foot clear heights, and A/C.

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