Friday, November 16, 2018

Ivy Realty’s Acquires of 11200 Roosevelt Blvd. in Philadelphia

by Steve Lubetkin,
Ivy Realty’s acquired of 11200 Roosevelt Blvd. in Philadelphia with   $13.1 million in purchase financing. The 452,375-square-foot industrial asset will undergo a full rebranding under its new ownership.

“Ivy Realty capitalized on a value-add opportunity in a thriving submarket. Sustained high demand for industrial product in the Greater Philadelphia/Lower Bucks County region, coupled with our client’s institutional pedigree and track record for successful repositioning projects, led to a competitive marketing process and, ultimately, an excellent execution by RGA.”

The fully leased, multi-tenant 11200 Roosevelt Blvd. currently serves as home to the Philadelphia Charter School and a mix of industrial users. Ivy Realty will infuse $3 million in capital improvements to address deferred maintenance issues – including site work, roofing, painting, and system upgrades – and roll out general enhancements as part of the property’s rebranding as Roosevelt Industrial Center.

“11200 Roosevelt is located in a great area—just off Route 1 and adjacent to a shopping center. Ivy Realty will take advantage of existing North and South entrances to distinguish the campus’ educational and industrial components. In the firm’s signature style, new signage, landscaping and other improvements will serve to elevate this property’s image and competitive positioning.”

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