Pottstown, PA — CBRE announced the completion of the $5.2 million sale of 263 Shoemaker Rd., a 60,000 s/f, single tenant warehouse/distribution building situated on a 10.34-acre parcel in the Pottstown Industrial Park in Montgomery County. TMC Pottstown, LLC, a subsidiary of TMC Properties, L.L.C., acquired the facility from Wynnestay, LLP.
The CBRE Investment Properties team of Stephen Marzullo and Adam Silverman, in conjunction with CBRE colleague Paul Touhey, spearheaded the marketing campaign and represented the seller in the negotiations.
“Given an in-place rental rate 30% below market, the investment offering provided a rare opportunity for TCM Pottstown to acquire a high-quality industrial asset at significantly below replacement cost, with the future upside of increasing the rent to market,” said Marzullo.
263 Shoemaker Rd. was developed in 2000 as the new headquarters for The Eastwood Company, a leading e-commerce provider and brick-and-mortar retailer of branded professional grade automotive tools and supplies for auto repair and restoration to automotive repair shops and hobbyists, and consists of warehouse and office space, a video production studio, and a retail store. The property is fully occupied and self-managed by Eastwood on a long term lease.
263 Shoemaker Rd. is located within the 85-acre Pottstown Industrial Park and has excellent access to US 422 via Rte. 100, less than 1.5 miles away. Additionally, employees have access to a full array of amenities located in the several major retail centers.