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.