Binswanger Continues Industrial Property Sales Momentum Selling Two Properties – One In Darby, Pa, A Second In North Philadelphia
Despite COVID-induced Market Uncertainty, Industrial Properties in the Region Continue to Attract Buyers
PHILADELPHIA, PA – October 27, 2020 – Binswanger Commercial Real Estate Services, an innovator in commercial real estate since 1931, today announced that it has brokered the sale of two industrial properties in the Philadelphia area. The property at 522 Ellis Avenue in Darby, PA totals 17,978 SF on 3.2 acres, sold for $850,000. The property was fully leased at the time of sale. The 21,000 SF property at 1978 West Hunting Park in North Philadelphia sold to Philly Foodworks for $875,000.
Binswanger brokers Jason Ostach, Vice President, and Chris Pennington, President and Partner, were brokers for Binswanger and represented both the seller and buyer for both properties.
“In one of the most tumultuous years the commercial real estate industry has seen in quite some time, it is important to note that there is a still a robust and healthy appetite for industrial investment in tertiary markets throughout the greater Northeast,” stated Binswanger broker Jason Ostach. “Given the current state of the economy, investors continue to re-assess their portfolios and seek out stable investments primed to endure.”
These two recent transactions represent the eight and ninth regional industrial property sales concluded by Binswanger’s mid-Atlantic group this Fall. These sales combined represent more than 1,210,000 SF of industrial property including the sale of two properties for Harriet Carter (322,866 total square feet in Chalfont and Montgomeryville, PA); the sale of 6851 River Road in Pennsauken (201,000 SF); 9130 Griffith Morgan Lane in Pennsauken, NJ (189,498 SF); 8600 River Road, also in Pennsauken, NJ (355,000 SF); Blackwood, NJ (20,387 SF); and a sale in Bensalem (88.69 acres of undeveloped land –one of the largest plots of land available in Bucks County at the time).
About 1978 West Hunting Park
The 21,000 SF facility consists of 18,000 SF of clear span warehouse space plus a 3,000 SF showroom and is zoned CMX-2 by the City of Philadelphia. It has three drive-in doors (12′ x 12′; 10′ x 12′; 8′ x 10′) and 16′ ceiling height. It is conveniently located near public transportation with SEPTA service for routes 2,33, 56, and R (Henry-Midvale).
About 522 Ellis Avenue
The 17,987 SF facility has a variety of tenants including auto repair, granite, and commercial painting. It features seventeen grade level doors and is Zoned I – Industrial by Colwyn Borough. Roughly 20 minutes southwest of Center City Philadelphia and minutes to Philadelphia International Airport, the property at 522 Ellis Avenue is centrally located with quick access to a variety of highways including Interstate 95, 476 and offers quick access to New Jersey via the Walt Whitman Bridge.
Binswanger, a global leader in full-service commercial real estate, has been helping its clients realize their full real estate potential since 1931. Founded by real estate innovator and pioneer, Frank Binswanger Sr., the company operates with the understanding that real estate has the ability to strengthen businesses and transform communities. The company offers a variety of services benefitting both owners and occupiers including global real estate brokerage, location consulting, investment sales, tenant representation, corporate advisory, strategic consulting, and a variety of management services. Having worked with more than half of the Fortune 500, the employee-owned company has long been known as the industry leader in the acquisition and disposition of industrial and commercial facilities around the globe. For more information, please visit www.binswanger.com.