Cherrydale Farms Facility Trades for $8M

UPPER MACUNGIE TWP., PA-Conshohocken-based Keystone Property Group has sold the 161,470-sf industrial building at 1035 Mill Rd. in Iron Run Corporate Center to Equity Industrial Partners. The building is fully leased to a single tenant, Cherrydale Manufacturing LLC, through Sept. 2015.

The price tag is just shy of $7.7 million, or approximately $47 per sf. This is Needham, MA-based Equity Industrial’s second Pennsylvania acquisition in less than a week. Days ago it acquired the 1.5-million-sf York Business Center in York, as GlobeSt.com reported.

Michael Hines, EVP; Michael Blunt, SVP, and associate John Pasquarella of the investment property institutional group of the Philadelphia regional office of CB Richard Ellis, and SVP Bill Wolf in CBRE’s Allentown office negotiated the deal. The tenant, which operates as Cherrydale Farms, makes confections and has been in business for 100 years, according to Hines. He tells GlobeSt.com it has “a significant capital investment in the property totaling more than $22 million in plant and equipment.