The closing of down of a tobacco producing plant once owned by major stakeholder in the Philadelphia Phillies, John Middleton, is nearing completion.
An affiliate of Industrial Investments Inc. paid $7.25 million for 475 N. Lewis Road in Limerick. The 169,000-square-foot building on 17 acres was sold by John Middleton Co., a division of Altria Group Inc., that is shuttering the facility that produced pipe tobacco and cigars. The closure affects 78 employees. John Middleton is leasing back a portion property for a short period as it vacates, writes Natalie Kostelni for Philadelphia Business Journal.
[uam_ad id=”54865″]
Industrial Investments plans to eventually renovate the property and release it. The seller was represented by Paul Touhey of CBRE Inc. and Industrial Investments was represented in-house, the story continues.
To read the complete story and a round up of local real estate transactions click here.
[uam_ad id=”54875″]
