Thursday, July 23, 2020

Penn Logistics Portfolio Sells in Fairless Hills, Pennsylvania

Penn Logistics, a four building, 240,358 SF, industrial portfolio traded in Fairless Hills, Pennsylvania (“Property”) for $18.0 million.

The buildings were constructed between 1968 and 1970. They feature 24’ clear ceiling heights, ample loading capacity with full dock packages for the 42 dock positions. The Property is strategically located along US Routes 1 and 13 with close proximity to I-295 and I-95, the principal North/South highways in eastern Pennsylvania and New Jersey.  The Property was 100% leased to four tenants at closing.
“We are extremely pleased we were able to execute this transaction given the current environment.  The pricing achieved supports the strength of the overall industrial market, specifically in Lower Bucks as Tenant demand has not decreased in this submarket, especially for functional and well located last mile assets."

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.