The property was built in the 1950s. As GlobeSt.com previouslyreported, the JV invested $50 million to redevelop thesite, which includes approximately 20 acres for expansion. It alsoobtained leases for more than 90% of the space, led byChicago-based R.R. Donnelley Logistics, which now fills an entire687,800-sf facility in the park and has just renewed for anadditional 10-year term. Other tenants are Bon-Ton Stores, the LTSand EGL logistics companies and Morex Corp.
Michael Hines, EVP, and Michael Blunt, SVP in the Philadelphiaregion's CB Richard Ellis investment properties institutionalgroup, worked with Bo Cashman, SVP on CBRE's Baltimore office, inrepresenting the seller. The CBRE team was the sole broker in thetransaction.
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
*May exclude premium content
Already have an account?
Sign In Now
© 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.
