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PIDC Arranges Financing for 680,000-SF Industrial Renovation

PHILADELPHIA-The former headquarters of Crown Cork and Seal at 9300 Aston

By Marita Thomas | Updated on April 21, 2003

PHILADELPHIA-Using funds from the Pennsylvania Industrial Development Authority’s loan program, the Philadelphia Industrial Development Corp. has structured financing for the renovation and reuse of the former headquarters of Crown Cork and Seal. The loan amount was not disclosed.

The funding will go to two companies that own portions of the 680,000-sf building, located on 36 acres at Ashton Rd. in North Philadelphia. They are HBF Properties, a partnership of locally based Sant Properties, which purchased the facility in late 2002; and Frankford Candy and Chocolate Co., also headquartered here, which recently bought 500,000-sf of the building from Sant.

According to published reports, Sant paid $7.2 million for the entire facility. It plans to renovate the remaining 180,000 sf into a mix of office and warehouse space for lease to multiple tenants.

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