Locally based Holt's Cigar Holdings will purchase the 55,000-sf building in Byberry East Industrial Center where it currently leases 21,360 sf, more than doubling its operating space. Holt's, which was founded here 105 years ago, is a national wholesaler and retailer of cigars and tobacco accessories. It also operates three local retail outlets.
Byberry is a 215-acre industrial park with Keystone Opportunity Zone status that provides significant tax breaks. Locally based P. D'Andrea, Inc. sold the building to Holt's and will use the proceeds to build an 18,000-sf office and warehouse in Byberry East.
Meanwhile, Huntingdon Valley, PA-based Rhoads Industries, which currently leases part of Building #16 at the Philadelphia Naval Business Center from Northrup Grumman, expands to lease all 85,000 sf. The expansion is required by Rhoads' major contract with the Kvaerner Shipyard at PNBC, which will require at least 28 additional workers.
Rhoads provides fabrication, maintenance, and custom services to the shipbuilding and chemical industries among others from three Philadelphia locations. In a turnabout, Northrup Grumman will sublease space from Rhoads, once the fabricator takes over the full-building lease. "This will free up cash and space for new Northrup Grumman projects," according to a PIDC statement.
PIDC coordinated funds for Holt's purchase and for building improvement, machinery and equipment. PIDC owns the PNBC and will provide funding for major leasehold improvements to Building #16.
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