Binswanger’s Mid-Atlantic Team Brokers the Sale of Four Industrial Philadelphia Properties
PHILADELPHIA, PA – March 30, 2022 – Binswanger Commercial Real Estate Services, an innovator in commercial real estate since 1931, announced today that it has brokered the sale of four industrial deals in the Philadelphia region. The team sold properties at 10169-75 Northeast Blvd./1100 Red Lion Rd. (2 parcels of land totaling 14.79 acres to be developed for industrial use), 7500 State Rd. (a 98,995 SF I-2 Medium Industrial property), 5601 Paschall Ave. (a 150,000 SF warehouse), and 4200 Macalester St. (a 40,791 SF Class B Industrial building). These deals represent just four of the numerous deals completed in Q4 of last year and the first quarter of 2022 by Binswanger’s Mid-Atlantic team led by Executive Vice President and Partner, Chris Pennington.
About 10169-75 Northeast Boulevard/1100 Red Lion Road (NE Blvd.)
The property is 14.79 acres of vacant land in the Somerton neighborhood of Philadelphia. The property is located between Bustleton Ave. and Roosevelt Blvd., with great access to Route 1, Woodhaven Rd., I-95, and the PA turnpike. The property was sold by 2509 N. Broad Street Assoc/1301 W Cumberland Investment to 10169 Northeast Blvd., LLC for over $9 million. Chris Pennington completed this transaction.
About 7500 State Road
The property consists of 98,995 SF of industrial space situated on 2.63 Acres. It is located in the Tacony section of the city, offering immediate access to highly-traveled State Rd. and nearby access to the Tacony-Palmyra Bridge, I-95, and Center City Philadelphia. It is zoned I-2 Medium Industrial and includes four drive-ins, a loading dock featuring an oversized exterior loading platform, private parking, and central air. The property was sold by Gershel Family Real Estate LLC to 7500 State Road LLC for $4,250,000. Chris Pennington completed this transaction.
About 5601 Paschall Avenue
Located in the city’s Kingsessing neighborhood, this two-story, 115,000 SF warehouse was built in 1930 and includes 3,700 SF of office space. The property features three drive-in doors, two dock-high loading doors, and two elevators, one of which is a hydraulic press lift. It was sold for 4.5 million by 5601 Paschall Avenue, LP to Philadelphia Storage Solutions, LLC. Chris Pennington and Jason Ostach completed this transaction.
About 4200 Macalester Street
Located in the Hunting Park neighborhood of Philadelphia, this 40,791 SF Class B Industrial building was built in 1981 and sits on a 2-acre lot. The property was sold by CSRS Holdings, LLC to Faropoint Ventures, LLC for $2.9 million. Binswanger brokers involved in the deal include Chris Pennington and Mike Torsiello.
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.