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PHILADELPHIA-Castleway Properties LLC has obtained a 10-year lease for 82,783 sf of warehouse/industrial space at the former Airport Business Park complex from Warren, OH-based Concord Steel. The aggregate value of the transaction is in excess of $2.8 million.
Castleway, which is based in Dublin, Ireland, acquired the 134-acre multi-building complex just south of Philadelphia International Airport for $33 million on Oct. 30, as GlobeSt.com reported. The new owner has changed the name of the complex to Orion Philadelphia and is developing plans to add as much as one million sf of office and industrial space to the 17-building park, which now encompasses more than 1.5 million sf.
Concord Steel's lease is for the entire O Building in the A portion of the park and includes 4,000 sf of office space. When Castleway bought the complex, a former Westinghouse Turbine plant, it was 85% occupied. The Concord lease takes occupancy in the park to 90%.
Bill Goodwin, executive vice president, and Steve Italiano, senior vice president in the local office of CB Richard Ellis, represented Castleway in the lease negotiations. Locally based Binswanger represented Concord Steel. The crane-served building has a 50-foot ceiling and dock and drive-in loading, and it is near the park entrance, Italiano says. "Its location just off I 95 and I 476 gives Concord quick access to the entire Northeast corridor," he adds.
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