Warehouses, Industrial Spaces Sell In 422 Corridor
EAST NORRITON PA – The Gambone Group in East Norriton, which owns or manages hundreds of real estate parcels across Montgomery County, many of them along U.S. Route 422, has sold a portfolio of 43 industrial buildings for slightly more than $210 million, the Philadelphia Business Journal reported. The sale comes when market demand is strong for warehouse and flexible-use properties, it added.
Journal Reporter Natalie Kostelni cited multiple sources in writing that Baltimore-based MRP Industrial purchased the properties in an “off-market transaction.” The additions give MRP an expanded presence along 422, Egypt Road, and Germantown Pike, between King of Prussia and Pottstown.
Gambone was founded in 1958 by three brothers. It “built a portfolio totaling 3 million square feet that was focused on single-story industrial and flex buildings,” Kostelni reported in the Journal’s Wednesday (July 28, 2021) article. The company also has holdings in multifamily, office and retail properties. MRP earlier amassed about 18 million square feet of space in industrial buildings between Allentown and Baltimore. It also is growing in the southern New Jersey market, she wrote.
CNBC News recently reported demand is high and vacancy rates low for warehouses and other industrial buildings at companies that handle product storage and shipping for the pandemic-led boom in online shopping and e-commerce. It cited real estate brokers who claim that almost 100 million square feet of space was occupied during the first quarter of 2021 period – “the third-highest amount ever” – and that a record 376 million square feet is under currently construction.