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Irish Buyer Pays $33M for Airport Complex

PHILADELPHIA-Castleway Partners plans to redevelop the 134-acre, multi-building Airport Business Park and add up to another one million sf to the existing 1.5 million sf, which is currently 85% occupied.

By Marita Thomas | Updated on October 30, 2006

(To read more on the industrial market, click here.)

PHILADELPHIA-Castleway Partners LLC, a Dublin-based investment group, has acquired Airport Business Park for $33 million. The 134-acre, multi-building property is located in Tinicum Township, just south of Philadelphia International Airport. The former Westinghouse Turbine division property currently has 1.5 million sf of office, flex and industrial space.

The partnership plans to redevelop the park, upgrade the existing approximately 17 buildings and add as much as 1 million sf of new office, flex and warehouse space. Pat McNulty of the locally based Flynn Co. marketed the property for Tinicum Industrial Partners LLC and procured the buyer. The property last changed hands in 2002 for approximately $25 million.

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