"The property… is a great example of a turnaround opportunity that's well under the radar screen of the REITs and larger investment funds," Berman says. "Well-situated light industrial facilities offer the best value for real estate investors today because they are being ignored by the big players who are pouring money into other property segments and inflating their prices." He adds that BP expects to close on two other light industrial properties in the Northeast corridor this spring.
The building's previous owner filed for bankruptcy two years ago, leaving the property vacant. Berman calls the asset "a strong candidate for redevelopment at a future date, possibly for retail use." Meanwhile, however, BP has retained Fox Realty Consultants to conduct what he termed "a vigorous marketing program" for the newly acquired asset. The rental rate is undisclosed. According to fourth-quarter 2004 data from the local office of CB Richard Ellis, the average asking rental rate for industrial space in Philadelphia County is $3.90 per sf.
© 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.
