BlackRock Realty Industrial Sale Tops $11M

PHILADELPHIA-Needham, MA-based Equity Industrial Partners has purchased a single tenant assembly/warehouse/office building for $11.5 million. The property, located at 13500 Roosevelt Blvd., was sold by BlackRock Realty Advisors. CB Richard Ellis’ Stephen Marzullo, SVP of the Investment Properties Group, led the marketing team for BlackRock; the team also included Michael Hines, Patrick Green and Michael Mullen.

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.