Monday, November 16, 2020

TJ Maxx parent company signs lease for build-to-suit distribution center in Philadelphia

By Natalie Kostelni  – Reporter, Philadelphia Business Journal

The parent company to TJ Maxx, HomeGoods and Marshalls has signed a long-term lease on a proposed 300,000-square-foot building in Northeast Philadelphia that will be developed for the company.

Once built, TJX Cos. will use the building at 9801 Blue Grass Road to expand it local warehouse-distribution operations, according to market sources. The company has maintained a 1.015-million-square-foot distribution center at 2760 Red Lion Road since 2001.

DH Property Holdings, a New York real estate firm run by Dov Hertz, owns the 21-acre property and will have Bridge Development of New Jersey build the project. A representative from TJX and DH Property couldn’t be reached for comment.

The property had been owned by Sant Properties, a Huntingdon Valley real estate firm, since 2015 when it was purchased for $1.65 million, according to Philadelphia property records. Sant sold the property to DH Property in May for $10.5 million.

The Blue Grass Road property is part of a bygone era in Philadelphia. Hostess Brands Inc. once made Twinkies at the property and ceased operations there in 2012. A vacant 446,000-square-foot food processing facility on the site was bought in 2013 by Hackman Capital Partners of Los Angeles. Hackman paid $62.5 million for the real estate and other Hostess property, such as machines and equipment, at a bankruptcy auction.

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