Thursday, February 17, 2022

Conshohocken building leased to Amazon sells for $97M, smashes record for price per square foot

 Natalie Kostelni Reporter Philadelphia Business Journal

An institutional buyer has paid $97 million for a 120,000-square-foot building leased to Amazon in Conshohocken, setting yet another high-water market on a per-square-foot basis for an industrial sale in the region, according to multiple market sources.

An undisclosed Korean pension fund bought the building at 1113 W. Ridge Pike for what amounts to just over $808 a square foot. E. Kahn Development Co. was the seller.

The new sale price threshold comes on the heels of a 331,525-square-foot building leased to Target Corp. 900 River Road trading for around $116 million, or roughly $350 a square foot. That exceeded 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 for $265 million.

E. Kahn Development paid $6.85 million for the property at 1113 W. Ridge in 2020. The developer razed a building that had been constructed in 1959 for Stroehmann Bakeries, secured Amazon as a tenant and developed the online retailer the building for last-mile distribution. It is located at the confluence of several major arteries including I-476.

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