The Riverside Business Center, a 423,900 sq ft single-story light industrial building in Whitehall, Pennsylvania, has been sold for $11.65m. The buyer is 1788 Holdings. The building was approximately 87 percent leased at the time of the acquisition to 11 tenants. Constructed in 1910, the property underwent a $9m renovation in 2006 to convert it from a single-user manufacturing facility into a multi-tenanted warehouse and light manufacturing facility. The project included the installation of 31 dock doors and 23 drive-in doors, the installment of modernized HVAC, lighting and plumbing systems, the paving of the parking lot and the rehabilitation of significant portions of the roof.
“Riverside Business Center presented us with the unique opportunity to acquire a high-quality class B light industrial property that is substantially leased with in-place rents significantly below market. This price reflects tremendous value for an asset located in an industrial and warehouse corridor that is widely considered to be among the most vibrant in the country,” said Larry Goodwin of 1788 Holdings.
