Facebook LinkedIn Twitter RSS

Long Island firm buys Pennsburg area property for $12.6M

By ,
A photo of 2452 Quakertown Road . (Contributed)
A photo of 2452 Quakertown Road . (Contributed)

One Liberty Properties Inc. of Great Neck, N.Y. bought a nearly 300,000-square-foot industrial property on 30.2 acres in Upper Hanover Township, Montgomery County, from RAF Industries of Jenkintown.

CBRE Group Inc. of Philadelphia said it represented both the seller and buyer in sale and leaseback transaction. With these transactions, the owner sells the property and then leases it back from the buyer, with payments taking the form of rent.

“This was a great opportunity for RAF Industries to monetize their asset and sign below market leases for operation efficiencies,” said Michael Hines, vice chairperson of CBRE.

RAF wanted to monetize the asset and CBRE negotiated a 10-year lease through early 2028, Hines said.

Though Hines declined to disclose the sale price, Montgomery County property records show it sold for $12.6 million.

Since 2006, the property at 2452 Quakertown Road has been the headquarters for both Campania International, a garden product manufacturer and U.S. Tape Co. Inc., a manufacturer of marking and measuring tools for the construction industry.

“There is a lot of outside storage which is really beneficial for Campania,” Hines said. “They are producing the product in their warehouse.”

Fifteen groups showed interested in buying the site, but One Liberty Properties was the winner, he added.

Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE’s Capital Markets Institutional Properties team and CBRE National Partners represented the seller during negotiations. CBRE’s Paul Touhey and Drew Green helped with the sale.

You May Have Missed...

Brian Pedersen

Brian Pedersen

Reporter Brian Pedersen covers construction, development, warehousing and real estate and keeps you up to date on the changing landscape of our community. He can be reached at brianp@lvb.com or 610-807-9619, ext. 4108. Follow him on Twitter @BrianLehigh and read his blog, “Can You Dig It,” at http://www.lvb.com/section/can-you-dig-it.

Leave a Comment

test

Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
View Comment Policy

Comments

close