Cardone Industries, which builds and remanufactures vehicle parts, announced last week that it has sold its office and distribution location at 5501 Whitaker Ave. to NorthPoint Development, a Kansas City-based private firm.
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, Cardone’s senior vice president for compliance and government relations. “We believe this transaction strengthens Cardone’s Vision 2020 plan while allowing us to continue to grow in our hometown.”
Cardone announced that it will begin a renovation of its nearby facility at 5660 Rising Sun Ave. The company anticipates the renovation will begin in the spring and take about nine to 12 months to complete
Following the renovation, the Rising Sun Avenue 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.” ••
