March 28, 2019 [Philadelphia, PA] – Colliers International, in conjunction with Max Spann Auctioneers, has sold an iconic property of Philadelphia’s industrial past that represents a massive footprint for future redevelopment. The former Budd Company site, in the City’s Nicetown-Tioga section, was once a rail, automotive and aeronautics manufacturing facility employing thousands before it closed in the early 2000s. The property was sold to New York-based private equity/development firm Plymouth Group for a sum of $6,500,000.
“A massive site that has sat vacant for over a decade now has potential for transformation and should now provide opportunity and employment for the neighborhood and area as a whole. Colliers was happy to lend our expertise and long familiarity with the site to bring this complex sale to the finish line” noted Rich Weitzman, a Senior Vice President with Colliers International who facilitated the transaction.
The transaction was comprised of 6 buildings totaling 1,871,911 square feet on 25.29 acres. Future plans for the site likely include commercial and industrial repurposing as well as potential institutional, educational and residential components but no official plans have been set.
For more information this transaction, contact:
Rich Weitzman, Senior Vice President
610 359 5869 | Rich.Weitzman@colliers.com
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.