The property is located at 4929 Krueger Drive. The tilt-wall structure on the property consists of a 140,000 sf constructed in 1979 and additions built on in 1985 and 1988. The original asking price was $4.6 million.
According to county records, the new owner is locally based Best Diversified Products Inc., a growing manufacturer of expandable conveyors. The company is relocating from a smaller facility at 107 Flint St. and will be adding jobs.
The broker involved in the deal was J. Holmes Davis of Philadelphia-based Binswanger/CBB. Davis received the disposition assignment in April 2003 and Dana Corp. vacated the building in August. "Dana was pleased to be able to sell the property in less than 12 months given the continued downturn of the economy in 2003; specifically the industrial real estate market," says Davis.
Moreover, Dana was pleased to find an owner user for the property, as an investor would not have paid so much for a vacant property, Davis tells GlobeSt.com. As well, Best Diversified is getting a larger facility at about 50% of replacement cost. "The building fit very closely with what the buyer would have built," says Davis, "but in that case the cost would have been closer to $8- or $9 million."
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