(Read more on the industrial market.)
PHILADELPHIA-Chicago-based First Industrial Realty Trust has sold the 300,000-sf warehouse at 2500 Grant Ave. for just north of $11.5 million, or about $38.33 per sf. The buyer, identified only as 2500 Grant Partners LP, is an area investment partnership that is adding this building to its growing industrial portfolio that now exceeds two million sf.
The Northeast Philadelphia building, which is located on 13 acres one block from Roosevelt Blvd. and proximate to I-95 and the Pennsylvania Turnpike, is currently more than 90% occupied. Among the tenants are Forman Mills and Jomar.
Pat Green, SVP, and Mike Mullen, associate in the local office of CB Richard Ellis, represented both the buyer and the seller in the transaction. According to Green, First Industrial invested $1.8 million in capital improvements in the property in 2006. They included a new roof, loading doors and resurfaced parking and loading areas.
"The Greater Philadelphia County industrial market continues to tighten," Green says. "The current vacancy rate for industrial buildings of 100,000 sf or more in the county is about 3.5%." According to a first-quarter 2007 report from CBRE, the average asking rent rate for industrial properties in Philadelphia County is $4.25 per sf.
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