Newmark Knight Frank (NKF) is pleased to announce it has completed the $1,500,000 land sale of 7777 State Road in Philadelphia. Located along the State Road industrial corridor, the 13± acre site is adjacent to the Delaware River, and is between the Cottman Avenue and Academy Road interchanges of I-95. Neil Shupak and Justin Bell of NKF’s Wayne, PA Industrial team represented the seller, Wilson State, LLC in the land sale.
The new owner plans to use the site to expand its scrap metal processing, recycling and shipping activities. A legislation to change the zoning of 7777 State Road from mixed-use to the newly proposed use of industrial build to suit was recently introduced by the City Councilman.
Richard Frankel, one of the sellers stated, “We were very pleased with the outcome and tremendous service provided by Neil Shupak and Justin Bell. This was a difficult parcel and they handled all aspects of it with professionalism and outstanding advice. They really understood the market.”
About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF's 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NKF's strong foundation makes it one of the most trusted names in commercial real estate. NKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.
