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CT Fund Enters Metro With $10M Industrial Buy

PHILADELPHIA-Cambridge Hanover sets its sights here, beginning with a 264,000-sf property at 3250 S. 76 St., which the seller will vacate in October.

By Marita Thomas | Updated on August 03, 2007

(Read more on the industrial market.)

PHILADELPHIA-Cambridge Hanover, an industrial investment fund based in New Canaan, CT, has acquired the 264,000-sf industrial building at 3250 S. 76th St. in the Eastwick Industrial Park for $10 million, or nearly $38 per sf. The seller is the locally based Mancini Family Partnership, an affiliate of Recon Automotive Remanufactures Inc., which currently occupies the building, but will exit this October.

The new owner plans to spend approximately $5 million in renovations. They call for demolition of portions of the building to expand the truck court and create new tenant entrances, “to make it more suitable for multi-tenant occupancy,” says Mike Mullen of the local office of CB Richard Ellis. Mullen and Pat Green, SVP in the same CBRE office, were the sole agents in the transaction and have also been assigned leasing.

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