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PHILADELPHIA-Castleway Partners LLC, a Dublin-based investment group, has acquired Airport Business Park for $33 million. The 134-acre, multi-building property is located in Tinicum Township, just south of Philadelphia International Airport. The former Westinghouse Turbine division property currently has 1.5 million sf of office, flex and industrial space.

The partnership plans to redevelop the park, upgrade the existing approximately 17 buildings and add as much as 1 million sf of new office, flex and warehouse space. Pat McNulty of the locally based Flynn Co. marketed the property for Tinicum Industrial Partners LLC and procured the buyer. The property last changed hands in 2002 for approximately $25 million.

The existing buildings were constructed between 15 and 40 years ago. McNulty tells GlobeSt.com the complex is currently 85% leased, “and the new owner is in talks with a prospect that will take occupancy to over 90%,” he says. In addition, the new owner “is going through the master planning process for redevelopment and expansion now, and expects to announce its plans within the next month.”

Primarily the owner is interested in expansion, McNulty says. “It helps that Philadelphia Airport now has direct flights to Dublin, and the location by the airport with direct access to I 95, was also a factor in the acquisition.”

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