Conshohocken industrial property sells for $2.875 million

CBRE announced on June 4th the sale of 1304 Conshohocken Road, a 70,000 square foot industrial property on a 5.58-acre site in Conshohocken (Plymouth Township) to Midland Properties for $2.875 million.

CBRE Senior Vice President Steve Marzullo and First Vice President Adam Silverman based in Radnor along with Executive Vice President Michael Roden based in Maryland spearheaded the marketing campaign for the property and represented the seller in the negotiations.

The marketing campaigned focused on the property’s “unparalleled access to the region’s major interstate highways including the PA Turnpike (I-276), the Blue Route (I-476) and the Schuylkill Expressway (I-76).”

“Our team sold the property after a broad and competitive marketing process,” said Mr. Marzullo. “The property attracted significant interest due to its irreplaceable Conshohocken location in an industrial market with extremely low vacancy and a scarcity of available industrial sites.”

“With space for lease in the buildings along with outside storage areas, new ownership will cater to businesses seeking to expand in the area, resulting in potential jobs created,” added Mr. Silverman.

Sam Lichtenstein of the NY-based buyer, Midland Properties, adds “we were attracted by the property’s A+ location within the Conshohocken industrial submarket. The property also contains a generous IOS (industrial outdoor storage) area and liberal zoning including the allowance for heavy, medium or light industrial or manufacturing use. Midland is investing significant capital for a full property renovation including new roofs, façade improvements, LED lighting installation and more. We are excited at the opportunity to reintroduce the upgraded property to the market anticipating strong tenant demand.”

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