Friday, February 7, 2020

Kuwaiti group buys Axalta building in South Philly’s Navy Yard for $61.2 million

by Jacob Adelman Philadelphia Inquirer
A Kuwaiti investment firm has acquired Axalta Coating System LLC’s office and research building at the Navy Yard for $61.2 million.

Dimah Capital Investment Co. bought the 175,000-square-foot property through its U.S.-based Apex Capital Investments Corp. subsidiary. The seller was Liberty Property Trust.

The 1050 Constitution Ave. property was built for Center City-based Axalta in 2017. Axalta’s lease at the property runs until fall 2037.

Liberty built the project as the main developer of the Navy Yard’s central business campus before shifting its focus to industrial projects in 2018.

It sold the Axalta property shortly before its acquisition by San Francisco-based warehouse giant Prologis Inc. closed this week. It was announced in October.

The building is the latest in the region to be acquired by a Kuwait-based fund following the Centre Square office complex’s sale to a group involving Wafra Inc., and Soor Capital’s purchase of four Malvern buildings leased to Vanguard Group.

Apex is managed by Philadelphia-based John Gaghan, a former vice president with real estate firm Lowe Enterprises.

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