Budd Company site in the Nicetown-Tioga section of Philadelphia, PA
PHILADELPHIA, PA—Colliers International and Max Spann Auctioneers arranged the sale of the former Budd Company site in the city's Nicetown-Tioga section, an iconic property of Philadelphia's industrial past that represents a massive footprint for future redevelopment. The former Budd Company site was once a rail, automotive and aeronautics manufacturing facility employing thousands before it closed in the early 2000s.
New York-based private equity/development firm Plymouth Group acquired the site for $6.5 million
“A massive site that has sat vacant for over a decade now has potential for transformation and should now provide opportunity and employment for the neighborhood and area as a whole,” says Rich Weitzman, a senior vice president with Colliers International who facilitated the transaction. “Colliers was happy to lend our expertise and long familiarity with the site to bring this complex sale to the finish line.”
The transaction included 6 buildings totaling 1,871,911 square feet on 25.29 acres. Plans for the site are expected to include commercial and industrial repurposing as well as potential institutional, educational and residential components, Weitzman says, but no official plans have been set.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
