A Levittown commercial real estate transaction has payed off so handsomely, it could be likened to holding a winning lottery ticket, wrote Philadelphia Business Journal reporter Natalie Kostelni.
The transaction netted $21.13 million, a 61 percent gain over its 2019 price tag of $8.35 million.
The 49,180-square-foot building is leased to Amazon.com Inc. through 2033.
The increase in value underscores the effect that a powerhouse corporate tenant like Amazon can revitalize “small and often tired, old industrial buildings,” wrote Kostelni.
Realty Income Corp. of San Diego bought the Levittown property from Alliance HSP, a Bryn Mawr real estate company. Alliance’s tenant was a local wood cabinetry business, which closed its doors in 2020.
Alliance renovated the site, originally built in 1963. Amazon’s interest was piqued by the 10-acre footprint, which provides the online retailer with much needed parking for its fleet of delivery vehicles.
Read more about this sale here.