READING, PA-Dana Corp. sold its single-story, 1.2-million-sf industrial property here to Reading Properties LP, an affiliate of Industrial Investments, which is based in Ambler, PA. Dana leases back approximately one-fourth of the space.

The complex, which consists of four main buildings, is located on 87 acres; just 45 of the acres were a part of this transaction. The remaining acres were previously sold to Berks County, according to Mike Treacy, SVP of Philadelphia-based Binswanger/CBB. Treacy negotiated the sale for the Toledo, OH-based Dana. Industrial was represented in house.

Neither Treacy nor Rob Bown, a partner with Industrial, would disclose the price of the transaction. Other brokers of industrial properties in Berks County also declined to venture a guess. All agreed, however, that the price was well below the $35-per-sf range.

Treacy describes the property as a one-story complex consisting of “a series of expansion buildings,” one of which dates back to 1925. He tells the complex includes an office building, two large crane-served rooms and a pre-production area.

Bown tells, “it’s an older manufacturing complex that we plan to redevelop as a rental property.” Rental rates for industrial space in the area range between $4 per sf and $4.75 per sf, according to a consensus of brokers in the area.

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