Colliers International, in conjunction with Max Spann Auctioneers, has sold an iconic property of Philadelphia’s industrial past that represents a massive footprint for future redevelopment. The former Budd Company site, in the City’s Nicetown-Tioga section, was once a rail, automotive and aeronautics manufacturing facility employing thousands before it closed in the early 2000s. The property was sold to New York-based private equity/development firm Plymouth Group for a sum of $6,500,000.

“A massive site that has sat vacant for over a decade now has potential for transformation and should now provide opportunity and employment for the neighborhood and area as a whole. Colliers was happy to lend our expertise and long familiarity with the site to bring this complex sale to the finish line” noted Rich Weitzman, a Senior Vice President with Colliers International who facilitated the transaction.

The transaction was comprised of 6 buildings totaling 1,871,911 square feet on 25.29 acres. Future plans for the site likely include commercial and industrial repurposing as well as potential institutional, educational and residential components but no official plans have been set.

About Colliers International

Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 15,400 skilled professionals serving clients in the world’s most important markets. Colliers is the fastest-growing publicly listed global real estate services company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Regionally, Colliers International has served clients in the Philadelphia area since 1920 and comprises six offices in Eastern Pennsylvania, Southern New Jersey, and Delaware.

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