The 165,000-sf property is currently under net lease to SPD Technologies, which has been the sole tenant in the building since 1985, when it was developed for them. Consisting of 84% industrial and 16% class A office, the company uses the building to assemble high-speed circuit breakers, switchgear and electrical systems for naval vessels, trains and subway cars. The site is zoned for 50% building coverage, allowing for expansion up to 440,000 sf. It is located in Northeast Philadelphia in the Byberry West Industrial Park.

Bruce Levine, a principal of Equity Industrial Partners, says the deal is part of its larger acquisition strategy now that it "has significant equity and a secured debt commitment to pursue new industrial opportunities and ensure timely closings." Last August, it sold an 11.4-million-sf portfolio of assets stretching from New Hampshire to Colorado for $516 million--a portfolio that it took 15 years to develop. Since then it has also acquired for $7.8 million, 560 Oak St., a 441,000-sf empty building from a private investment group, Brockton Oak RT. Marzullo says despite the credit crunch its industrial sales pipeline remains strong: with more than 21 million sf of both regional offerings and national portfolios with an aggregate value more than $1.1 billion.