Wrightwood finances $10m for acquisition

Real Estate Weekly,  Oct 17, 2007  

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Wrightwood Capital has provided $10,750,000 to finance the acquisition of an existing 125,952 s/f industrial building and the construction of an adjacent 44,300 s/f building in Folcroft, Penn.

The existing building, known as the "ConAgra Facility," is located at 519 Kaiser Drive on the southwest comer of the Folcrofl East-West Business Park. Built in 1971, the recently vacated property was previously used for food manufacturing and distribution by the ConAgra Corporation. The sponsor intends to renovate the building and construct a second building on an adjoining truck trailer storage lot. Once complete, the property will have two warehouse buildings, each with four individual tenant suites, ranging in size from 21,000 to 40,000 s/f in the existing building and approximately 11,075 s/f in the new building. The property is located in an established industrial park near several main transportation routes, including I-95, I-476, and I-76, providing access throughout Philadelphia and the surrounding areas. In addition, the facility is the closest significant industrial park to the Philadelphia International Airport.

"Located in an established submarket with convenient access to major highways and the Philadelphia Airport, the property is well positioned to attract both local and national tenants," commented Crae Ramsey, senior director of investments in Wrightwood Capital's Washington, DC office.

COPYRIGHT 2007 Hagedorn Publication
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