Monday, September 16, 2019

JV Buys Former Hyundai Rotem Property for $16.8 Million

A joint venture between Wharton Industrial Partners and Walton Street Capital purchased a 283,500-square-foot industrial facility in Philadelphia from Rimas Properties for $16.75 million, or $59 per square foot.

The vacant building at 2400 South Weccacoe Ave. was previously occupied by Hyundai Rotem, a South Korean company that made train cars for SEPTA that vacated the property in 2018. Built in 1970, the property spans 13.5 acres near the Port of Philadelphia, Philadelphia International Airport, Interstates 95, 295 and 76 and just three miles from Philadelphia City Hall. 

The new ownership plans on making improvements to the property upwards of $10 million. Once completed in early 2020, the building will be rebranded as SoPhi Logistics Center.

"The buyer was attracted to the location of this facility being adjacent to the Packer Avenue Marine Terminal and its close proximity to Center City and University City."

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