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PHILADELPHIA-Jenkintown, PA-based First Leader LLC has bought a 177,000-sf industrial building from Pasadena, CA-based Avery Dennison Corp. for $3.5 million, or about $19.77 per sf, and is leasing 40,000 sf back to the previous owner. The building at 7722 Dungan Rd. is in northeastern outskirts of Philadelphia.

The deal is a departure for First Leader, which is primarily a residential real estate developer.

The building has 18-foot ceilings and tailgate loading. Term and rental rate of the Avery Dennison lease are undisclosed. Avery Dennison is a worldwide provider of pressure-sensitive, self-stick technology and self-adhesive labels for the consumer and office products markets. In 2001, the company’s global sales exceeded $3.8 billion.

Brokers Gerald Blinebury and Stephen Cooper of Cushman & Wakefield of Pennsylvania brokered the transaction.

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