Colony Realty Partners of Boston made a great investment ten years ago when they nabbed the Greentree Logistics Center in Oaks for $34 million, as the property has just sold for $20 million over its original purchase price, writes Natalie Kostelni for Philadelphia Business Journal.
The 823,000-square-foot distribution hub at 125 Green Tree Road was recently purchased by an entity affiliated with Goldman Sachs for $54 million.
Before selling the center, Colony Realty finished a $10 million capital improvement program which created 12,000-square-feet of office space. Colony also improved the systems on the property including the sprinklers, lighting, and added a cross-dock loading area along with additional trailer parking.
According to Jim Galbally, who arranged the transaction together with colleagues John Plower, Paul Torosian, Erin Miller, and Chad Orcutt, the distribution center is situated within the “highly coveted eastern Montgomery County submarket. This area has more than 33 million-square-feet of industrial space within a 10-mile radius.”
The Greentree property was especially sought after due to the shortage of land in the area that could be developed into a new building of this size that would be so close to Montgomery County’s skilled workforce.
Read more about the sale at Philadelphia Business Journal by clicking here.