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Colliers Brokers Investment Sale of Large Philadelphia Regional Industrial Portfolio

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Northeast Building Portfolio Sites Have Traded To Both Faropoint & Greek Development - One Property Remains

PHILADELPHIA, PA  January 12, 2022 – The Colliers team of Richard Gorodesky, Carl Neilson, and Adam Gorodesky, are pleased to announce multiple investment sales have concluded within the  462,274 square foot multi-building, multi-county regional industrial portfolio of Northeast Building Products (NBP) which is fully located on a combined 30 plus acres across Philadelphia and Bensalem, PA. 
 
Northeast Building Products is a Philadelphia based manufacturer of energy-efficient windows and doors, and with approximately 700 employees, is one of the largest manufacturing companies in the Greater Philadelphia region, serving distributors, dealers and contractors on the Eastern Seaboard. Founded in 1975 by Irv and Elaine Levin, Northeast Building Products (NBP) was purchased by Alan and Fran Levin in 2002. In 2018 Harvey Building Products (Harvey), a $1.6 billion manufacturer and distributor of windows, doors and related building products acquired NBP simultaneously leasing back the entire multi-building, multi-county industrial real estate facilities it had grown into over the years. Harvey is a Dunes Point Capital portfolio company.

The sale of the buildings will not impact the business, with NBP holding both lease and renewal options. The 100% leased portfolio consists of approximately 462,274 square feet of industrial facilities situated on 30.31 acres, one of which is still available for sale to an investor, and centered around three primary locations: 
 
Aramingo Avenue & Church Street  -  173,128 square feet within 6 buildings on 15.19 acres of contiguous parcels situated at the once-in-a-generation intersection of Aramingo and Church, which is just one block from the I-95 interchange.  Greek Development, a large regional industrial owner and developer with more than 27 MSF of industrial properties across the Northeast, has purchased this assemblage.  

The aforementioned 14,706 square foot non-contiguous building on Church Street, 2383-93 Church Street, remains available and is getting very strong interest from the market, given its unique price point and prime location.
 
327 Chew Avenue, a 170,390 square foot manufacturing and distribution facility on 8.29 acres in the Fox Chase section of Philadelphia. 1211 Ford Road a 104,050 square foot industrial facility on 6.44 acres in the Bridgewater Industrial Park of Lower Bucks County. Both aforementioned properties have been purchased by Faropoint, one of the top 50 industrial real estate owners in the U.S. with over 20 MSF of acquisitions in last mile industrial real estate markets nationwide.

Northeast Building Products Portfolio
Left to right:  327 Chew Avenue and 1211 Ford Road have both traded to Faropoint.


For more information:

Richard Gorodesky, SIOR Senior Managing Director
+1 215 460 5857 richard.gorodesky@colliers.com
 
Carl Neilson, Senior Vice President
+1 610 684 1856 carl.neilson@colliers.com 
 
Adam Gorodesky, CPA Senior Associate
+1 215 873 1718 adam.gorodesky@colliers.com

 

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About Colliers International

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn

 

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Richard Gorodesky

Senior Managing Director | Philadelphia

Philadelphia

Richard joined Colliers in 1995 after originally starting in commercial real estate in 1988. He is primarily responsible for the firm's industrial brokerage activity in the City of Philadelphia, but also works with clients throughout the eight-county metropolitan region and throughout the United States.

Drawing on his extensive business experience as a former Chief Financial Officer and venture capitalist, Richard is well established in the Philadelphia business community. He has frequently been invited to present in front of the Philadelphia City Council, concerning the attraction and retention of industrial business in the city, and continues to maintain strong relationships with numerous public officials, including the Philadelphia Industrial Development Corporation, The Commerce Department and several past and current members of the Philadelphia City Council.

Clients of Richard frequently speak about his professionalism and experience in handling difficult properties and complex transactions.

Richard sold one of the largest industrial properties in the country: The BUDD Company's 2.7 million square foot complex on 75+/- acres. He has also sold the largest industrial land site in Philadelphia (138 acres), twice.

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Carl Neilson

Senior Vice President | Greater Philadelphia Region

Conshohocken

Carl joined Colliers International’s Philadelphia region in 2013. His real estate market focus is on the sale of investment properties in the Philadelphia region which includes Eastern Pennsylvania, Southern New Jersey and Delaware. As a 25-year veteran of the commercial real estate industry, Carl’s expertise has been with investment sales in representing owners in the marketing of their income properties, acquisition services for private and institutional income property investors, developers and users, as well as various consulting assignments for clients.

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Adam Gorodesky

Senior Associate

Philadelphia

Adam joined Colliers in 2020 and is focused on selling and leasing industrial real estate in Philadelphia, serving his clients by using the Colliers regional and national platform. As a Certified Public Accountant, Adam is uniquely qualified to deliver trusted guidance to his clients. 

Previously, Adam was with Alterra Property Group in Philadelphia where he focused industrial, multifamily, and mixed-use properties, giving him a deep understanding of financial performance factors in a variety of commercial real estate sub-markets and product types. Prior to Alterra, he spent several years as a senior auditor with the Philadelphia office of the big four accounting firm KPMG, specializing in the Power & Utilities sector, auditing industrial clients and Fortune 500 companies. 

Adam is Argus Enterprise certified in addition to having strong real estate financial modeling and analytical skills in Excel.

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