As big ticket items involving sizable investments, commercial property transactions often have a wider impact within the local community. CoStar recognized the largest deals completed during the first quarter in their respective markets.
Here are the Philadelphia property sales selected as the First Quarter 2020 winners of the CoStar Power Broker Quarterly Deal Awards:
TOP SALE: 7528 Walker Way Allentown, PA — Part of Portfolio
Sale Price: Not disclosed*
Sale Date: February 4, 2020
Size: 36,513,520 SF
Buyer: Prologis, San Francisco, CA
Seller: Liberty Property Trust, Wayne, PA
Deal Commentary: This property was part of Prologis' $13 billion acquisition of Liberty Property Trust. The portfolio of properties spans across the United States and the United Kingdom. The merger now positions San Francisco-based Prologis as a major player in the industrial sector, touting 921 million square feet of warehouses and distribution centers across several markets.
*Part of a portfolio sale
TOP SALE: 192 Kost Rd Carlisle, PA — Part of Portfolio
Sale Price: $220,550,941 (allocated)*
Sale Date: January 8, 2020
Size: 3,529,889 SF
Buyer: Prologis, San Francisco, CA
Sellers: Black Creek Group and Industrial Property Trust, Denver, CO
Deal Commentary: This property was part of a portfolio transaction between Black Creek Group and Industrial Property Trust and affiliates of Prologis, consisting of 236 properties across 24 geographic areas and 37.5 million square feet of industrial holdings that were reported to be 96% leased at time of the sale. This transaction expands Prologis' position in key U.S. markets, including Southern California, the San Francisco Bay Area, Chicago, Atlanta, Dallas-Fort Worth, San Antonio, Seattle and New Jersey.
*Part of a portfolio sale
TOP SALE: 4875 Susquehanna Trl York, PA — Part of Portfolio
Sale Price: $145,600,000 (allocated)*
Sale Date: February 11, 2020
Size: 1,661,175 SF
Buyer: Ahold Delhaize, Salisbury, NC
Seller: C&S Wholesale Grocers, Keene, NH
Deal Commentary: ES3, doing business as C & S Wholesale Grocers, completed the sale of three of its distribution facilities in York County, Pennsylvania, as a sale-leaseback deal. The purchase allows C & S Wholesale Grocers to increase its distribution operations and continue to modernize its supply chain.
*Part of a portfolio sale
TOP SALE: 301 Washington St Conshohocken, PA
Sale Price: $72,450,000
Sale Date: February 18, 2020
Size: 469,455 SF
Buyer: Coastal Ridge Real Estate, Columbus, OH
Seller: Invesco Advisers, Dallas, TX
Deal Commentary: Ohio-based Coastal Ridge Real Estate purchased this 309 unit multifamily complex as a part of its strategy to expand its portfolio. It currently manages 20,000 apartment units comprising conventional apartments and student housing units across 16 states.
TOP SALE: Three Crescent Dr Philadelphia, PA
Sale Price: $62,341,000
Sale Date: January 2, 2020
Size: 106,400 SF
Buyer: Norvin Healthcare Properties, New York, NY
Seller: Liberty Property Trust, Wayne, PA
Deal Commentary: Norvin Healthcare Properties was able to secure this fully leased single-tenant office building as Liberty Property Trust sold off its office properties. The property was attractive to Norvin due to its 2009 construction, location in the Navy Yard Corporate center and the building's long-term tenant, Jefferson Health.
TOP SALE: 1050 Constitution Ave Philadelphia, PA
Sale Price: $61,200,000
Sale Date: January 16, 2020
Size: 175,000 SF
Buyers: Dimah Capital Investment Company, Safat and Rasmala Investment Bank Limited, Dubai
Sellers: Liberty Property Trust, Wayne, PA and Synterra Partners, Philadelphia, PA
Deal Commentary: CBRE brokered this $61.2 million deal, aiding Liberty Property trust in its quest to divest its office portfolio. The property was attractive to the buyers due to the location, long-term tenant, Axalta Coating Systems, and the size of the building.
TOP SALE: 1150 Helen Dr Newark, DE
Sale Price: $60,500,000
Sale Date: February 28, 2020
Size: 480,980 SF
Buyer: New York Life Real Estate Investors, New York, NY
Seller: Nv Commercial, Vienna, VA
Deal Commentary: This 245-unit multifamily property sold for $60.5 million at the end of February. The buyer was attracted to the property because of the location, condition of the apartment building and the quality of the amenities. The property was 95% occupied at the time of the sale.
TOP SALE: Portfolio of 8 Retail Properties
Sale Price: $60,000,000
Sale Date: February 18, 2020
Size: 556,918 SF
Buyer: Time Equities, New York, NY
Seller: Retail Value, Beachwood, OH
Deal Commentary: New York-based Time Equities secured the Hamilton Collins Shopping Center for $60 million. The site was formerly a part of the DDR Corp. shopping center portfolio. Hamilton Collins was completed in 2001 and was 93% leased at the time of the sale with 34 tenants, including anchor Regal Cinemas, Hobby Lobby, Marshalls, Ross Dress for Less and Big Lots.
TOP SALE: Portfolio of 2 Properties
Sale Price: $52,250,000
Sale Date: February 12, 2020
Size: 594,504 SF
Buyer: Iron Stone Real Estate Partners, Philadelphia, PA
Seller: Paladin Healthcare, El Segundo, CA
Deal Commentary: Iron Stone Real Estate Partners, a Philadelphia developer known for acquiring financially distressed healthcare properties, purchased the 188-bed hospital and medical office building occupied by St. Christopher’s Hospital for Children.
TOP SALE: 432 Strafford Ave Wayne, PA and 416 Strafford Ave Wayne, PA
Sale Price: $48,250,000
Sale Date: January 16, 2020
Size: 193,135 SF
Buyer: Morgan Properties, King Of Prussia, PA
Seller: Francis Iacobucci Properties, Havertown, PA
Deal Commentary: Morgan Properties purchased the Stafford Station apartments and adjacent Plaza at Stafford Station apartments as a part of its efforts to aggressively increase its portfolio. Morgan Properties is based in King of Prussia and is a leading owner of Class B apartment properties in the Philadelphia region.
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