A Yeadon warehouse, one of the largest industrial buildings in Delaware County, recently sold for $59 million, a 41 percent increase in value since it was purchased two years ago, writes Paul Schwedelson for Philadelphia Business Journal.
The 468,000 square-foot building at 6250 Baltimore Ave. had been bought two years ago by Velocity Venture Partners.
The new owner is New York-based Lightstone Group. The warehouse is the group’s first purchase in the Philadelphia area.
The fact that the property’s value increased $17 million from its purchase price of $41.75 million two years ago shows the strength of Philadelphia’s industrial market.
Velocity Founding Partner Zach Moore said his company added to the building’s value by spending $4 million to renovate the roof, parking lot, exterior façade and other areas.
“It’s obviously a great outcome for us from a sales perspective, number one,” Moore said. “But number two, I think it really shows we did a good job of identifying that infill marketplace is well in demand.”
The building is now 98 percent occupied. The largest tenants are freight forwarding company Peak Supply, building supply distributor Beacon Supply, and SEPTA, which uses the building for storage.
Read more about this Yeadon warehouse in the Philadelphia Business Journal.
