Developer grows East Coast industrial portfolio
Site may be converted for office, retail use
By Inman News, Thursday, October 27, 2005.Grubb & Ellis Co. negotiated the disposition of a 102,300-square-foot industrial facility in Reading, Pa.
The value of the transaction was not disclosed.
The property was sold by GST Autoleather Inc. and was acquired by Downingtown, Pa.-based developer Tripoint Properties.
The building is located on a 2.6 acres parcel of land at 122 South 3rd St., which is part of the redevelopment district along the Reading Waterfront, an area the city is attempting to revitalize.
Although no definitive plans for the property have been announced, it is possible the building could be repurposed into retail or commercial formats, according to a press statement.
Grubb & Ellis Co. is a provider of integrated real estate services.
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