By Ryan Mulligan – Reporter, Philadelphia Business Journal
Exertis Almo has sold its Northeast Philadelphia headquarters to a Boston real estate investment firm in a $27.2 million sale-leaseback deal.
An entity associated with Cabot Properties acquired the 143,060-square-foot building at 2709 Commerce Way, property records show. The sale breaks down to $190.13 per square foot.
The sale of the warehouse-headquarters comes after the longtime family-owned Almo Corp. was acquired by Ireland-based DCC plc for $610 million in late 2021.
Exertis Almo is a distributor of appliances and audiovisual equipment that was founded in 1946 and was owned for three generations by the Chaiken family. It tallies annual revenue of approximately $1 billion and has over 300 employees. The company was rebranded Exertis Almo after the acquisition as a nod to DCC plc's (LON: DCC) subsidiary DCC Technology, which trades as Exertis.
Exertis Almo operates some 2.7 million square feet of warehouse space across 12 locations spanning the U.S., according to its website. The sale of 2709 Commerce Way falls in line with a corporate policy from DCC Technology to lease rather than own buildings.
Full story: http://tiny.cc/qvjg001
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