NorthPoint Development has listed Cardone Industries’ former 1.3 million-square-foot headquarters in Northeast Philadelphia as being available for lease, writes Ryan Mulligan for the Philadelphia Business Journal.
The move indicates that the storied manufacturer will exit the region just two years after it was acquired by Michigan-based First Brands Group.
The fully vacant building was acquired by NorthPoint Development in 2019 from a Cardone affiliate. The site is the fifth largest warehouse distribution center in the Philadelphia metropolitan area, making it a significant property in the local market.
Cardone, the 55-year-old aftermarket auto parts manufacturer which was a family company until 2019, experienced major layoffs and the immediate departure of several executives following the acquisition. This occurred after its new owner started to wind down operations in Northeast Philadelphia. The company currently has facilities in Mexico.
Colliers is marketing the space at 5501 Whitaker Avenue as the “Boulevard Trade Center.” The property can be divided into roughly 100,000 square foot spaces, with a starting triple net lease rate of $7.50 per square foot. It is located just off Roosevelt Boulevard in Northeast Philadelphia.
Read more about the massive Northeast Philadelphia property that has gone up for lease in the Philadelphia Business Journal.
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