1788 Holdings Acquires PA Industrial Asset
ByIn an $11.7 million deal, an affiliate of 1788 Holdings has acquired Riverside Business Center, a single-story light industrial buildingin Whitehall, Pa. Located at 1139 Lehigh Ave., the property comprises 423,900 square feet and was 87 percent leased to 11 tenants at the time of sale.
“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,” said Larry Goodwin, principal of 1788 Holdings, in a prepared statement. “Supplementing our attraction to this asset was our ability to purchase the property at just over $27 per square foot, a price which is less than 30 percent of the property’s replacement cost.” …
