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1788 Holdings Buys Industrial Property for $12M in 2018, Sells for $35M in 2022
An affiliate of Bethesda, MD-based 1788 Holdings, LLC, has sold the Riverside Business Center in Whitehall, PA for $34.7 million. Michael Hines of CBRE represented the seller.
Buligo Capital Partners acquired the 423,900-square-foot single-story light industrial building.
1788 Holdings purchased property on Lehigh Avenue in 2018 for $11.7 million and increased the occupancy of the warehouse component of the project from 87% to its current 100%.
“We were initially attracted to Riverside Business Center based on the unique opportunity to acquire a high-quality Class B light industrial property that was substantially leased with in-place rents significantly below market, as well as the compelling opportunity to build significant value with a strategic capital investment program, aggressive leasing effort and cost-efficient property management strategy,” said Larry Goodwin, principal of 1788 Holdings. “The property had an irreplaceable location and a strong tenant base to match local demand for industrial, light manufacturing and warehouse space.”
- ◦Sale/Acquisition
