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Colliers Brokers Sale of 247,800 SF Industrial Facility at State Road and Rhawn Street

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Private Investor Buy Expands Growing Philadelphia Regional Portfolio

PHILADELPHIA, PA  March 29, 2022 –The team of Richard Gorodesky, SIOR and Adam Gorodesky have successfully brokered the sale of a 247, 800 square foot multi-tenanted industrial complex covering 7.73 acres at the prime intersection of State Road and Rhawn Street in Philadelphia in a highly-marketed and competitive transaction.

Receiving multiple offers over the marketing period of several months, the property sale was ultimately awarded to a New York-based private investor.

This industrial investment property was originally constructed in the 1920’s, with various additions and improvements made since that time. The prime location is within minutes of the Cottman Avenue Interchange of I-95, and approximately 10 minutes from Center City, and the Port of Philadelphia. 

With approximately 23 tenants, the multi-tenant property was nearly 95% leased at the time of closing.

Zoned I-2 Medium Industrial, the versatile facility features a variety of both tailgate and drive-in loading, while offering both superior visibility and access to I-95. This property is also served by SEPTA bus service, with a Regional Rail stop one block away.

The Seller was an affiliate of Lasdon Properties, for whom Colliers represented in the sale of multiple properties totaling approximately 742,000 +/- square feet in both Philadelphia and Bucks Counties, PA over the past year.  

The buyer is a private investor, for whom this was their 2nd purchase from two different Sellers via the Gorodesky team in the past 3 months, bring the total to approximately 500,000 square feet of industrial space.

The new owner plans to continue improving the buildings and operating them as multi-tenant industrial facilities.

  
For more information:
Richard Gorodesky SIOR, Senior Managing Director
+1 215 460 5857 richard.gorodesky@colliers.com
 
Adam Gorodesky, Senior Associate

 

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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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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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