1304 Conshohocken Road in Conshohocken, Pennsylvania — Courtesy: CBRE
By Joshua Burd
An investment firm has purchased a 70,000-square-foot industrial property outside Philadelphia for nearly $2.9 million, in a newly announced deal by CBRE.
The brokerage team represented an undisclosed seller in the transaction at 1304 Conshohocken Road in Conshohocken, Pennsylvania, touting the appeal of a supply-constrained market and its proximity to interstates 276, 476 and 76. The buyer, Midland Properties, paid $2.875 million for the 5.58-acre asset.
“Our team sold the property after a broad and competitive marketing process,” CBRE Senior Vice President Steve Marzullo said. “The property attracted significant interest due to its irreplaceable Conshohocken location in an industrial market with extremely low vacancy and a scarcity of available industrial sites.”
Marzullo and First Vice President Adam Silverman, who are based in CBRE’s Radnor, Pennsylvania, office, spearheaded the marketing campaign alongside Executive Vice President Michael Roden of the firm’s Baltimore team.
“With space for lease in the buildings along with outside storage areas, new ownership will cater to businesses seeking to expand in the area, resulting in potential jobs created,” Silverman said.
Sam Lichtenstein, vice president of acquisitions of Monsey, New York-based Midland Properties, added: “We were attracted by the property’s A+ location within the Conshohocken industrial submarket. The property also contains a generous IOS (industrial outdoor storage) area and liberal zoning including the allowance for heavy, medium or light industrial or manufacturing use.”
“Midland is investing significant capital for a full property renovation including new roofs, façade improvements, LED lighting installation and more,” he said. “We are excited at the opportunity to reintroduce the upgraded property to the market anticipating strong tenant demand.”
