Locally based Sant Properties purchased the property for areported $7.2 million last year and later sold a 500,000-sf portionof the building to Frankford Candy and Chocolate Co., also basedhere. HBF Properties, a Sant partnership, plans to turn theremaining 180,000 sf into office and warehouse space for lease.

Peter Longstreth, president of PIDC, tells GlobeSt.com that HBFreceived a $660,000-loan under the Pennsylvania IndustrialDevelopment program, for its $3-million upgrade of that portion ofthe property. Using the same PIDA loan program, Frankford Candyobtained $1.25 million in financing for its $17-million total costof acquisition and renovation at the site, according toLongstreth.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.