LANGHORNE, PA-United Refrigeration, the Kuala Lumpur-based supplier of walk-in and drive-in chillers and commercial HVAC systems, has acquired two vacant, rail-served industrial buildings here. The buildings aggregate 209,200 sf and front Wheeler Way in Bucks County Business Park. The seller was Wilmington, DE-based Hercules Inc.
The price was undisclosed. On condition of anonymity, a person familiar with the Philadelphia suburban industrial market, tells GlobeSt.com, "the price was a bargain, probably in the range of about $17 per sf, or under $4 million, because, although the properties have curb appeal, they will require significant renovation."
Both of the single-story buildings were completed in the mid 1970s. The larger, located on eight acres at 985 Wheeler Way, contains 96,625 sf of warehouse area, 17,625 sf of lab space, a 6,350-sf loading room, a 6,000-sf order assembly area, and 4,400 sf of finished office space. The adjoining 1035 Wheeler Way property is on nearly 5.5 acres and has an aggregate of 78,200 sf, including some office area.
Bill Goodwin, SVP in the Philadelphia office of CB Richard Ellis, represented Hercules. Andrew S. McGhee, SVP with Philadelphia-based Colliers Lanard & Axilbund, represented United Refrigeration.
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