Search
 

Viacom Sells Tinicum Complex for $20M

PHILADELPHIA-Delaware-based Morgan Properties and Pen-Del Real Estate teamed up to buy the industrial park near Philadelphia International Airport for about $11 per sf. The 1.8-million-sf manufacturing, warehouse and office complex is 70% leased and has room for further development.

By Marita Thomas | Updated on January 23, 2003

PHILADELPHIA-New York-based Viacom Realty has sold Tinicum Industrial Park, a 1.8-million-sf manufacturing, warehouse and office complex just south of Philadelphia International Airport, for $20 million or just over $11 per sf. The buyers are Delaware-based Morgan Properties and Pen-Del Real Estate.

Tinicum is currently 70% occupied. Among the tenants are: Esco Corp., a Portland, OR-based global supplier of engineered products for the construction and mining industries; Olympic Steel, a Bedford Heights, OH-based producer of flat steel; Iron Mountain, the Boston-based specialist in information management, and the General Services Administration. The property includes space for additional development.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.