Taking advantage of the market that is putting the prices for warehouse and flex properties at unprecedented levels, Gambone Group has sold its industrial buildings portfolio in Montgomery County to MRP Industrial for a little over $210 million, writes Natalie Kostelni for the Philadelphia Business Journal.
The 43 buildings totaled 1.4 million square feet provide the buyer with a footprint in Montgomery County primarily in the area stretching from King of Prussia to Pottstown along Route 422, Egypt Road, and Germantown Pike.
Gambone Group was established by three brothers in East Norriton in 1958.
The company has built a portfolio that totals 3 million square feet that was mostly focused on single-story industrial and flex buildings.
The company also owns multifamily, office, and retail properties.
MRP Industrial is based in Baltimore and is an affiliate of MRP Realty, and has been acquiring buildings in Pennsylvania and New Jersey.
This latest acquisition puts its portfolio at close to 90 properties with nearly 20 million square feet. The company said it also has the ability to develop an additional 14.8 million square feet of industrial space.
Read more about the sale in the Philadelphia Business Journal.