Novaya Foxfield Industrial Acquires Urban Infill Industrial Complex in Philadelphia For $8.5 Million
Novaya Foxfield Industrial, the Mid-Atlantic arm of Novaya Real Estate Ventures and Foxfield Ventures, purchased 360,800 square feet of industrial space at 700 E Godfrey Avenue in Philadelphia, PA in a 20-year sale-leaseback to metals processor and recycler Thalheimer Brothers, LLC. The infill property sits in an opportunity zone ten miles from downtown Philadelphia and offers easy access to Route 1, Route 13, Route 611, I-76 and I-95. The nine-building, 14.3-acre complex has been home to Thalheimer for more than half a century and provides lab, manufacturing, warehouse, and office facilities while serving as the company’s headquarters.
The sale was arranged by the Pennsylvania-based CBRE Capital Markets team led by Stephen Marzullo and closed with a purchase price of $8,500,000.
Foxfield Principal, Jeff Harper, notes “This was a fantastic opportunity for us to buy an infill property with in-place cash-flow and long-term development potential. Thank you to Steve and the Thalheimer team for a smooth transaction during a tumultuous period.”