A newly renovated industrial building in North Philadelphia leased by Amazon.com Inc. has been acquired for nearly $28 million, more than three times the amount it sold for in 2020.
Irvine, California-based LBA Realty purchased 700 Ramona Ave. from SBG Real Estate LLC.
The 17.5-acre property is fully leased by Amazon (NASDAQ: AMZN) and includes a 98,652-square-foot warehouse as well as parking for 352 vans needed for same-day delivery of its products. The sale of the building breaks down to $283 per square foot.
At the time of SBG’s purchase of 700 Ramona in April 2020, the property sat vacant and spanned two buildings totaling 330,000 square feet. Amazon signed a lease for the 98,652-square-foot space in 2021 and its parking requirement pushed the developer to forgo renovations to the second building and instead raze it to meet Amazon’s heavy parking requirement.
Amazon’s lease at 700 Ramona once again underscores the impact the online retail giant is having on the value of industrial real estate. Amazon holds a 10-year lease on the property valued at nearly $12 million, according to Lee & Associates of Eastern Pennsylvania, which brokered the recent sale of the building.
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