Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-Under an unusual arrangement, the Philadelphia Industrial Development Corp. arranged separate loans, totaling $1.91 million, to co-owners of the 680,000-sf former Crown Cork and Seal headquarters at 9300 Aston Rd. The building, which has lay vacant for eight years, will undergo a $20-million renovation.

Locally based Sant Properties purchased the property for a reported $7.2 million last year and later sold a 500,000-sf portion of the building to Frankford Candy and Chocolate Co., also based here. HBF Properties, a Sant partnership, plans to turn the remaining 180,000 sf into office and warehouse space for lease.

Peter Longstreth, president of PIDC, tells GlobeSt.com that HBF received a $660,000-loan under the Pennsylvania Industrial Development program, for its $3-million upgrade of that portion of the property. Using the same PIDA loan program, Frankford Candy obtained $1.25 million in financing for its $17-million total cost of acquisition and renovation at the site, according to Longstreth.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.