Bill Goodwin, SVP, and Len Redeyoff, first VP of industrial property in the area office of CB Richard Ellis, represented the seller, Morgan Stanley. The sale price is undisclosed. On condition of anonymity, an industrial broker in the area tells GlobeSt.com the price was "probably in the range of $40 per sf," which would take the total tag to $17.7 million.
"It's a quality building in a good location," he says. "The size of the transaction would help reduce what would normally be a premium, but the land adds value." According to a July 2005 report from the Philadelphia office of Colliers Lanard & Axilbund, the average selling price for industrial properties in the suburbs is $44.43 per sf.
The building previously served as a healthcare paper products warehouse. It has ceiling heights to 27 feet and 33 tailgate truck loading doors. Raymour & Flanigan operates more than 20 stores in the Greater Philadelphia MSA.
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