Amazon has paid $26.5 million for an aged office property in King of Prussia, a regional first for the company that until now has leased — rather than owned — its real estate in the Philadelphia area.
Amazon.com Services LLC bought the two-story, 230,000-square foot building in June from an affiliate of Malvern-based investor Eli Kahn, which had purchased the 57-year-old property just two months earlier for $2.5 million less than the e-commerce giant paid, records show.
Kahn bought the building at 760 Moore Rd., not far from I-76 and U.S. Routes 202 and 422, from a unit of the Bank of New York Mellon Corp.
Amazon leases nearly 60 existing or soon-to-be-completed warehouses of at least 100,000 square feet across the Greater Philadelphia region, according to market tracker the CoStar Group. And its Prime Now unit owns a smaller property in University City that it uses as an express-delivery hub.
*Article courtesy of Philadelphia Inquirer
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