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PHILADELPHIA-Cambridge Hanover, an industrial investment fund based in New Canaan, CT, has acquired the 264,000-sf industrial building at 3250 S. 76th St. in the Eastwick Industrial Park for $10 million, or nearly $38 per sf. The seller is the locally based Mancini Family Partnership, an affiliate of Recon Automotive Remanufactures Inc., which currently occupies the building, but will exit this October.

The new owner plans to spend approximately $5 million in renovations. They call for demolition of portions of the building to expand the truck court and create new tenant entrances, “to make it more suitable for multi-tenant occupancy,” says Mike Mullen of the local office of CB Richard Ellis. Mullen and Pat Green, SVP in the same CBRE office, were the sole agents in the transaction and have also been assigned leasing.

Mullen tells GlobeSt.com the renovations will take the overall space down to 248,427 sf and also include upgrades to the facade and landscaping improvements. He says the building could accommodate up to five tenants in suites beginning at 20,000 sf. The asking rent rate for the 23,000-sf space that fronts Holstein Avenue, he says, is $7.50 per sf, triple net, and the rate for other space in the property is $5.50 per sf, triple net.

An initial portion of the building was completed in 1980, and it was expanded in 1986. It is located on 12 acres adjacent to Philadelphia International Airport and Interstate 95.

This is Cambridge Hanover’s first foray into this market, but not its last, according to Mike Dillon, the buyer’s director of acquisitions. “Upon completion, the renovated asset will fit nicely with our national portfolio,” he says and adds, “we will continue to actively pursue additional opportunities in the Greater Philadelphia market.”

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