The recently built and fully occupied Everest Logistics Park in Croydon was sold to East Brunswick, New Jersey-based Greek Real Estate Partners for $36.75 million, writes Paul Schwedelson for the Philadelphia Business Journal.
The sale price for the 141,276-square-foot warehouse came out to $260 per square foot. The seller was Connecticut-based Penwood Investment Management, which developed the building two years ago.
The warehouse’s sole tenant is PCI Pharma, a Philadelphia-based pharmaceutical company that has more than doubled its footprint to occupy the entire building under a long-term lease.
Everest Logistics Park is “an ideally located, state-of-the-art facility that complements GREP’s growing portfolio,” said Greek Real Estate Partners Director of Acquisitions Alex Motiuk.
The warehouse is situated on a 10-acre lot about four miles from I-95 and less than two miles from Route 13. It is ideally located near several major shipping outlets, such as the Port of Philadelphia, Philadelphia International Airport, Port Newark, and Trenton Airport.
The building features 20 tailgate doors, one drive-in door, and a 36-foot clear height. It also has roughly 3,000 square feet of office space, 260 parking spaces, and 31 trailer parking spots.
Click through to read the full article on the Philadelphia Business Journal and see why this Croydon facility caught the attention of one of the region’s most active industrial real estate players.
