The property that houses an Aldi grocery store and a FedEx Office Print & Ship Center has been sold.
Kahn Joint Venture LLP acquired the property for $8.1 million from Williams Development Partners, CBRE, a commercial real estate company announced on Friday. Williams Development Partners is a sister company of A.P. Williams in Susquehanna Township.
“It’s truly a full-circle moment to be a part of a ‘new era’ for the site,” Drew Williams of Williams Development Partners said in a joint press release. “Repurposing older buildings can pose many challenges, which is why they are so rewarding to work on. As developer, engineer and builder, we were able to create a vision for the building, manage the risk and turnkey the project with our in-house teams.”
The 22,716-square-foot property is located at 4702 Jonestown Road in Lower Paxton Township. The building was built in 1987 and fully renovated in 2018. Aldi has more than14 years remaining on their lease, while FedEx recently signed a new 10-year lease, according to CBRE.
The property previously housed an NB Liebman furniture store. The FedEx store relocated from a nearby space at 4800 Jonestown Road. Aldi opened on the site of the former furniture store back on August 30, 2018.
Matthew Gorman and Michael Shover of CBRE, who co-lead the CBRE Mid-Atlantic Net Lease Team, represented both the buyer and the seller during the sale negotiations. The sale was completed on Sept. 1.
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