Lannett Co. has put under agreement a 196,000-square-foot building in Northeast Philadelphia that it plans to eventually use to consolidate some existing facilities and give the company room for future expansion, according to Securities and Exchange Commission documents.
The building is 11501 Roosevelt Blvd., according to sources familiar with the situation. It was vacated by the Internal Revenue Service.
The pharmaceutical manufacturer entered into an agreement in August to buy the building for $5 million and has a 90-day due diligence period, which allows it to terminate the deal if it finds its inspection unacceptable, according to the SEC document.
Lannett owns three other nearby properties including: a 31,000-square-foot manufacturing facility on 3.5 acres at 9000 State Road; a 63,000-square-foot property on three acres at 9001 Torresdale Ave.; and a 66,000-square-foot structure on 7.3 acres at 13200 Townsend Road.
The IRS occupied both 11501 Roosevelt and 11601 Roosevelt Blvd. before relocating to the former U.S. Postal Service facilities across from 30th Street Station nearly three years ago.
At one point in 2006, Cedar Shopping Centers Inc. of Port Washington, N.Y., bought a 49 percent interest in 11601 Roosevelt, which is a 430,000-square-foot building on 24 acres. The arrangement had Cedar paying an initial $3.5 million and assuming a first mortgage of $16.48 million. The New York developer in 2010 bought 11501 Roosevelt for $13.38 million, and with the combined properties, envisioned constructing a shopping center.
A center was never constructed. The loan on the 11501 Roosevelt property was put in special servicing and subsequently bought by an entity affiliated with Sant Properties.
Source; Philadelphia Business Journal
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