November 4, 2016 [Philadelphia, PA] – Teva Pharmaceuticals USA, Inc., a U.S. subsidiary of a leading global pharmaceutical company, has selected Colliers International to market and secure a buyer for its 138± acre land site on One Red Lion and 10098 Sandmeyer Lane in Philadelphia – one of the largest land parcels available in Philadelphia County. The site is in a Keystone Opportunity Zone (KOZ) thru 2023 (one of the most popular tax abatement programs available in Pennsylvania).
Consistent with current zoning, the site is being offered for sale as industrial land, permitting a wide variety of warehousing, distribution, and general industrial uses by right. The site’s capacity is projected to be 1.9 MSF of big box distribution.
While the local, city, and state agencies have been very supportive, Teva has elected to sell this property due to an unrelated strategic change in its real estate needs.
The location offers convenient public transportation accessibility, an ample local labor pool, and business-friendly support system in place. Although an industrial use is approved “by right,” Colliers will explore all alternative and highest and best uses to produce the maximum value for the site. “We’re excited about the possibilities of this site,” said Richard Gorodesky of Colliers International.