Gambone Group has sold a portfolio of 43 of its industrial buildings in Montgomery County for a little more than $210 million, seizing on a market that is pricing warehouse and flex properties at unprecedented levels.
MRP Industrial was the buyer in the off-market transaction, according to multiple sources. The properties total 1.4 million square feet and give MRP Industrial a footprint in the western part of Montgomery County mainly along Route 422, Egypt Road and Germantown Pike in an area stretching from King of Prussia to Pottstown.
Efforts to reach representatives from Gambone and MRP Industrial were unsuccessful.
Established in 1958 by three brothers and based in East Norriton, Gambone built a portfolio totaling 3 million square feet that was focused on single-story industrial and flex buildings as well as multifamily, office and retail properties.
Baltimore-based MRP Industrial is an affiliate of MRP Realty. Over the last eight years, the firm has accumulated a portfolio of 43 industrial buildings totaling 18 million square feet between Allentown and Baltimore, according to its website. With the acquisition of the Gambone portfolio, the company has increased its footprint to nearly 90 properties. The company said it has the ability to develop another 14.8 million square feet of industrial space.
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