Los Angeles-based Ares Management has purchased a Northeast Philadelphia warehouse that was previously occupied by Amazon for $10.2 million. The sale equated to $154.88 per square foot.
The 65,582-square-foot building at 13200 Townsend Drive was sold by Northbridge Partners, reported the Philadelphia Business Journal. The building sits in the Byberry East Industrial Park off of Roosevelt Boulevard, and the transaction marks the third time in six years the property has traded. Amazon is currently subleasing the space, and will continue to do so despite the change in ownership.
Built in 1996, the property at 13200 Townsend Road sits on 7.3 acres. It was most recently assessed by the city at $8.3 million. The building previously sold for $9.75 million in 2021, more than doubling the $4.4 million that pharmaceutical manufacturer Lannett Co. Inc. sold it for to Abrams Realty in 2019.
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