Angelo, Gordon & Co. Buys Regional Industrial Hub of Ice Cream Maker

Angelo, Gordon & Co. has acquired the Friendly's Ice Cream distribution warehouse, at 600 Bartlett Drive in York, PA, from Kinsley Equities II LP for $6.37 million, or about $71 per square foot.

Friendly's Ice Cream Corp., a restaurant operator and ice cream maker, was set to exercise its option to purchase the property when Angelo, Gordon & Co. stepped in with a higher bid for the 90,000-square-foot facility.

The property is leased out on a per-pallet basis, with prices ranging from $7 to $9.50 per pallet per month. The facility has capacity for 1,200 pallets in the freezer section, 400 pallets in the refrigerated section and 400 pallets in the dry storage area. Friendly's uses the property to support its Mid-Atlantic operations.

Michael Hess, Bart Anderson and Patrick Lafferty of CB Richard Ellis represented the seller. Angelo, Gordon & Co. was represented in-house.

New York-based Angelo Gordon & Co. made the purchase on behalf of its dedicated Net Lease Group. The firm is currently investing in its net lease fund, which seeks to acquire up to $500 million of net leased corporate real estate worldwide.

For additional information, please see CoStar Comp #1345524.