Tuesday, January 15, 2019

Cardone sells 1.3M SF distribution center in Philadelphia

Natalie Kostelni Reporter Philadelphia Business Journal
Cardone Industries has completed the sale of a 1.3 million-square-foot building that it has been using as a distribution center and has plans to lease it back.

NorthPoint Development of Kansas City, Mo., bought the building at 5501 Whitaker Ave. in Philadelphia for an undisclosed amount though the property was listed for $34.5 million. Public records of the sale weren’t yet available. 

The building, which sits on 63 acres, has several addresses associated with it: 5501 Whitaker; 5400 Langdon St.; 5401 Whitaker; and 5401 R. Whitaker. The property is most often referred to as 5501 Whitaker though that isn’t what it is associated in Philadelphia property records. Colliers International arranged the transaction.

Cardone is a Philadelphia-based auto parts remanufacturer. The sale of the Whitaker Avenue property was part of an overall evaluation of Cardone’s real estate that involved several different actions. For example, the company signed a long-term lease last year to relocate some corporate operations to 15 Kings Grant Drive, a 53,920-square-foot office building in Bala Cynwyd. About 120 employees will work from that location.
Full story: https://tinyurl.com/ydazr35l

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