By Paul Schwedelson – Reporter, Philadelphia Business Journal
A New York investment firm has acquired a 305,000-square-foot distribution center next to Northeast Philadelphia Airport, adding to a recent flurry of industrial sales in that pocket of the city.
Eagle Cliff Real Estate Partners bought the building at 11350-11400 Norcom Road from 5601 Tulip LLC and Monarch Global Brands, real estate brokerage Binswanger announced.
The purchase price was $33.7 million, according to an industry source.
That price is 10 times more than the $3.3 million that the property traded for in 2016, according to property records. The building, which was built in 1965, is on a 16.8-acre property and fully occupied by Monarch and another tenant. Monarch is a wholesaler and manufacturer of microfiber, commercial linen, towels and rags.
In a statement, Eagle Cliff Director of Investments Peter Friedman called Northeast Philadelphia a “dynamic and supply-constrained submarket” and said the deal fits the firm’s infill acquisition strategy. Eagle Cliff bought a 192,000-square-foot industrial portfolio earlier this year in Paterson, New Jersey, and is nearing completion on a 108,000-square-foot industrial building in Holbrook, New York.
Full story: https://tinyurl.com/393hev6a
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