Wednesday, January 26, 2022

Novaya pays $50M for nearly 80 acres in Bucks County, sells Target-leased building in Upper Merion

By Natalie Kostelni  –  Reporter, Philadelphia Business Journal

Affiliates of Bruce E. Toll sold 79.5 acres of land in Langhorne for $50 million to Novaya Foxfield Industrial, a Boston real estate company that has been active in the Philadelphia area.

At the same time, Novaya Foxfield has moved on from the first property it acquired in the region, selling 900 River Road in Upper Merion as part of the disposition of that building and one in Georgia for a total of $142 million at the end of last year.

The building at 900 River Road traded for around $116 million, or roughly $350 a square foot, according to market sources. At that price, it exceeds a $240 a square foot high water mark set last year when a 1.1-million-square-foot warehouse-distribution center leased to Target Corp. in Logan, New Jersey, sold $265 million.

The Langhorne property was considered “underutilized” land of the Reedman Toll Auto World, said Michael Markman, president of BET Investments Inc., which is Bruce E. Toll’s real estate company. A total of 37 parcels along Lincoln Highway, Old Lincoln Highway and Virginia Avenue were sold in two separate transactions, according to Bucks County property records. 

The land comprising Reedman Toll at 1700 Lincoln Highway was retained and the auto dealership continues to operate business as usual, Markman said.

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