Thursday, December 6, 2018

Ocean Kingdom Acquires Island Avenue Industrial in Philadelphia

by Steve Lubetkin,
Ocean Kingdom, a seafood wholesaler headquarterd in Swedesboro, NJ, has acquired 3601 Island Avenue in Philadelphia, PA, a 84,400-square-foot industry facility. The seller was not identified, but according to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions, the property last changed hands in March 2015, when Kulp Car Rentals acquired it from Pennock Co., for $3.4 million.

“The industrial market in Philadelphia, and the surrounding region, is very strong and buyers are extremely attracted to acquiring quality facilities with excellent access to the highways like this building on Island Avenue, which is located just off I-95."
Ocean Kingdom will use part of the building and will lease the rest of the property to two existing tenants.

Located on six acres, 3601 Island Avenue is just minutes from Philadelphia International Airport, and offers immediate access to Interstates 95 and 76, as well as the Walt Whitman Bridge. The property is serviced by public transportation and features six-inch reinforced concrete floors, ceiling heights from 15 to 23 feet, six tailgates, 14 covered van-high loading positions and office street parking for over 250 vehicles.

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