CARDONE Industries Sells Office Space to NorthPoint Development
CARDONE Industries announced today that it has sold its office and distribution location at 5501 Whitaker Avenue in Philadelphia to NorthPoint Development, a Kansas City-based private firm that has developed more than 49,000,000 square feet of industrial space nationwide since 2012.
The sale agreement includes a provision by which CARDONE will lease back the entire 1.2 million-square-foot site from NorthPoint and continue its distribution operations there.
“While the building will have a different owner, CARDONE will continue to occupy the site and maintain distribution operations there,” said George Zauflik, SVP Compliance/Gov’t Relations. “We believe this transaction strengthens CARDONE’s Vision 2020 plan while allowing us to continue to grow in our hometown.”
At the same time, CARDONE announced that it will begin its long-planned renovation of its nearby facility at 5660 Rising Sun Avenue. CARDONE anticipates that the renovation will begin in the Spring and take approximately 9-12 months to complete. Following the planned renovation, the Rising Sun facility will serve as CARDONE’s Global Headquarters and as the home for its expanding Innovation and Technology Center.
“We are committed to keeping our business headquartered in the City,” said Executive Chairman Michael Cardone III. “Today’s announcements reaffirm our intention to launch this new chapter of growth as we transform CARDONE Philadelphia into an innovation hub and a new, modern global headquarters. We look forward to the partnerships and opportunities that lie ahead.”
ABOUT CARDONE INDUSTRIES
We are an automotive industry leader in aftermarket innovations and engineering. Three generations and four decades strong, we build new and remanufactured vehicle parts that meet or exceed O.E. designs, at a fraction of the cost. We manufacture O.E. parts to meet the specific needs of our O.E.M. partners. Our global team supports a full spectrum of products and services, including a catalog of 46,000 sustainably-built parts. We build it better.
Kevin A. Feeley
BELLEVUE COMMUNICATIONS GROUP