Thursday, January 10, 2019

Foxfield Industrial of Atlanta Pays $26.8M for Eddystone Industrial Park by Philadelphia International Airport

Foxfield Industrial, an investment firm headquartered in Atlanta, purchased four warehouses totaling 465,680 square feet in Eddystone, Pennsylvania, from Gateside Corporation. Eddystone Industrial Park sold for $26.75 million, or about $57 per square foot.

The single-story buildings at 1001 Industrial Highway were built in 1974 and renovated in 1998. Spanning nearly 44 acres less than six miles from Philadelphia International Airport, Eddystone Industrial Park comprises clear heights ranging from 18 to 60 feet, 52 loading docks and 16 drive-in bays.

Foxfield Industrial, a joint venture between Novaya Real Estate Ventures (Novaya) and Foxfield Ventures, secured $23.58 million in financing for the acquisition of the center.

Jeff Harper, principal of Foxfield, said in a statement, “We are really excited about the value-add facets of Eddystone Industrial Park. The vacancy and development parcels provide meaningful upside to the otherwise stable returns driven by long term, credit tenancy.”

Foxfield and its affiliates currently manage over $160 million in existing assets and development projects, according to its website.

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