Locally based Sant Properties purchased the property for a reported $7.2 million last year and later sold a 500,000-sf portion of the building to Frankford Candy and Chocolate Co., also based here. HBF Properties, a Sant partnership, plans to turn the remaining 180,000 sf into office and warehouse space for lease.
Peter Longstreth, president of PIDC, tells GlobeSt.com that HBF received a $660,000-loan under the Pennsylvania Industrial Development program, for its $3-million upgrade of that portion of the property. Using the same PIDA loan program, Frankford Candy obtained $1.25 million in financing for its $17-million total cost of acquisition and renovation at the site, according to Longstreth.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
