Tuesday, October 5, 2021

Northeast Philadelphia industrial building trades for $33.5M

 Natalie Kostelni Reporter Philadelphia Business Journal

A 454,456-square-foot industrial building in Northeast Philadelphia has sold for $33.54 million after attracting a dozen offers.

A joint venture between two New York firms, Ajax Advisors and Brickman Associates, bought the property from Ivy Realty. The building at 11200 Roosevelt Blvd. sits on 25 acres and was fully occupied at the time of the sale to such tenants as Philadelphia Delivery Systems, IK Marketplace, Philadelphia Academy Charter School and Dependable Distribution Services.

Ivy Realty of Greenwich, Connecticut, bought the building in the fall of 2018 for $17.75 million.

Though some of its characteristics can be unattractive to investors — it was built in 1960, is adjacent to a shopping center, and a charter school is a tenant as is a cocoa bean distributor — it still garnered 12 offers.

Full story: https://tinyurl.com/2y6v44ea


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