Purchaser Brickman builds strong area presence and connectivity between assets
PHILADELPHIA, PA March 21, 2022 – The Colliers team of Richard Gorodesky, SIOR and Adam Gorodesky, are pleased to announce the sale of two Philadelphia industrial facilities in an off-market transaction.
11500 Roosevelt Boulevard, consisting of 298,627 +/- square feet situated on 12.88+/- acres, was originally constructed in 1965, with several additions being added in the subsequent years. It was purchased by Wolf Investment Corp in 1999, and was mostly vacant at that time, in a transaction also arranged by Colliers. Undergoing numerous improvements over the succeeding years, the property ultimately achieved 100% occupancy with 17 different tenants. Zoned I-2 Medium Industrial, this multi-tenant building features 23 tailgate loading docks, 6 drive-in doors, has mostly 16’ clear height, and offers the ability for cars and trucks to circumnavigate the entire building.
1771 Tomlinson Road consists of 207,500 +/- SF situated on 15.25 +/- acres. The building was also constructed in 1965, and was once home to Fisher Auto Parts, a distributor of commercial truck parts. In a transaction also brokered by Colliers, the Wolf Investment Corp. purchased this property in 1998. Acquiring it as a multi-tenant property, the Wolf’s further divided the tenant spaces and increased occupancy to 100 % with 19 distinct tenants.
The buyer was an investment group, initiated and led by Greenwich CT-based Brickman, who is also a partner in the group which had recently purchased 11200 Roosevelt Blvd, a 454,353 square foot multi-tenant mostly industrial property situated on 26.3 acres, which is partly contiguous to each of the aforementioned properties. By joining these three industrial properties together, they will enjoy access synergies that were not previously available between them.
The 1771 Tomlinson and 11500 Roosevelt acquisitions bring the total space under Brickman control to 960,480 square feet on 54.43 acres in Northeast Philadelphia.
The new owner plans to continue improving the buildings, and operating them as multi-tenant industrial facilities, ultimately with improved access and circulation from Roosevelt Boulevard and Tomlinson Road.
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