UPPER HANOVER, PA- RAF Pennsburg LP has acquired a 293,140-sf flex building, located on 30 acres at 2452 Quakertown Rd. from Hershey Co. The Hershey-based food conglomerate is vacating the building to consolidate food operations at other area plants. Joe McDermott, SVP in the Wayne office of CB Richard Ellis, says the price was $5.7 million, or about $19.44 per sf.
McDermott represented Hershey. The Philadelphia-based Binswanger represented the buyer, which is an investment firm that acquires and operates niche leasing, consumer and building products businesses. Its Campania affiliate, which makes and distributes high-end garden accessories, such as birdbaths, fountains and benches, will relocate to the former Hershey building.
McDermott says the building contains nearly 33,000 sf of office space and is a "food-grade quality facility. We marketed it to both food and other manufacturing companies throughout North America." The Upper Hanover area "is a rapidly growing residential and commercial area. Approximately 700 residential properties are being developed across Rte. 663 from Quakertown Road."
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