When InterPark Holdings put 4700 Island Ave. in Philadelphia up for sale, the company had decided the property’s future lay beyond serving as off-site parking for those flying in and out of Philadelphia International Airport.
The 271,000-square-foot building on nearly 19 acres had originally been developed decades ago as a refrigeration facility before InterPark operated it as a parking lot for more than 20 years.
“That business ran its course and that property ran its course,” said Andrew McLaughlin, senior vice president at InterPark. “The highest and best use was no longer parking.”
With that in mind, InterPark put 4700 Island on the market in April. The timing couldn’t have been better.
There were nearly 200 non-disclosure agreements signed in pursuit of the property and multiple rounds of bidding. In what McLaughlin described as an “unusually competitive process,” Prologis Inc., an industrial real estate behemoth, paid $45 million for the property.
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