Top Property Sales
One uCity 225 N. 38th Street Philadelphia, PA
Sale Price: $636,356,206 (allocated)*
Sale Date: November 20, 2020
Size: 852,000 SF
Buyer: GIC Real Estate, Singapore and Ventas, Chicago, IL
Seller: Ventas, Chicago, IL and Wexford Science & Technology, Baltimore, MD
Details: This transaction involves the formation of a new joint venture between Ventas and GIC, a Singapore sovereign wealth fund to recapitalize a portfolio of four university-based research and innovation projects that are currently under construction in two states. The properties will total 1.4 million square feet when completed. Under this agreement, Ventas contributed its ownership interest in the initial four properties and will own a majority interest in the new joint venture. GIC will own a 45% interest, and Ventas’s exclusive development partner and subsidiary, Wexford Science & Technology, remains a minority partner. *Part of a portfolio sale
Lebanon Valley Distribution Center 139 Fredericksburg Road Fredericksburg, PA
Sale Price: $243,721,969 (allocated)*
Sale Date: December 20, 2020
Size: 2,108,868 SF
Buyer: GLP, Englewood, CO and State of Utah, Salt Lake City, UT
Seller: USAA Real Estate, San Antonio, TX
Details: USAA Real Estate, the real estate investment platform for the San Antonio-based financial services company, sold the Lebanon Valley Distribution Center in a year-end deal. The four-property industrial portfolio totaling 3,714,429 square feet was part of a portfolio involving properties in three states. The portfolio was acquired by Singapore-based GLP, a global investment manager with US$97 billion in assets under management in real estate and private equity funds. *Part of a portfolio sale
Arborcrest Park
Sale Price: $225,000,000
Sale Date: December 2, 2020
Size: 852,803 SF
Buyer: Sidra Capital, Jeddah
Seller: Spear Street Capital, San Francisco, CA
Details: A Saudi Arabia-based investment firm acquired a majority stake in this Philadelphia life science campus, part of a broader trend of Saudi capital flowing into the U.S. tech, life sciences and health care industries. Sidra Capital acquired a 90% ownership stake in the Arborcrest Corporate Campus, an 855,600-square-foot suburban office campus spanning five buildings in the northern Philadelphia suburbs. San Francisco-based Spear Street Capital sold the stake while keeping a 10% ownership interest. *Portfolio of 5 Office Buildings
12 Tradeport Road Hanover Township, PA
Sale Price: $194,600,000
Sale Date: December 22, 2020
Size: 2,004,080 SF
Buyer: Granite REIT Holdings, Toronto, ON
Seller: NorthPoint Development, Riverside, MO
Details: Missouri-based NorthPoint Development sold a two-property industrial portfolio in the Hanover 9 Industrial Park to Granite REIT Holdings of Ontario, Canada, for $194 million in a year-end trade. The properties encompass approximately 2,000,000 square feet of industrial distribution space completed in 2019. Granite has pursued an investment strategy of acquiring and developing industrial properties in major e-commerce and distribution markets in North America and Europe.
111 Logistics Drive Hamburg, PA
Sale Price: Not disclosed*
Sale Date: December 3, 2020
Size: 1,900,000 SF
Buyer: Stockbridge Capital Group, San Francisco, CA and National Pension Service of Korea (NPS), Songpa-qu
Seller: Hillwood Development, Dallas, TX
San Francisco-based Stockbridge Capital Group purchased a national portfolio of industrial distribution facilities totaling approximately 14.3 million square feet as part of a joint venture with the National Pension Service of Korea and an undisclosed institutional investor. *Part of a portfolio sale
Keystone Industrial Port Complex
Sale Price: $160,000,000
Sale Date: December 23, 2020
Size: 840,879 SF
Buyer: NorthPoint Development, Riverside, MO
Seller: United States Steel, Pittsburgh, PA
Details: Missouri-based NorthPoint Development acquired a large East Coast remediation site near Philadelphia where it plans to build a massive warehouse and distribution campus. The year-end sale involved the Keystone Industrial Port Complex, a former steel plant known as the Fairless Works in Bucks County. After cleaning up the site, NorthPoint is planning to develop a bulk logistics center containing an estimated 10 million square feet of industrial space to be called the Keystone Trade Center. The developer expects to begin the first phase of the project, totaling approximately 3 million square feet, in the spring of 2021.
D&H Distributing Harrisburg PA
Sale Price: $121,964,592 (allocated)*
Sale Date: December 11, 2020
Size: 1,577,582 SF
Buyer: Kohlberg Kravis Roberts & Co., New York, NY
Seller: High Street Logistics Properties, Woburn, MA
Details: High Street Logistics Properties sold an industrial portfolio of roughly 9.7 million square feet across 100 properties in seven major markets in the U.S. to private equity firm KKR. This recent acquisition brings KKR’s total industrial portfolio to about 30 million square feet. *Part of a portfolio sale
1900 River Road Burlington, NJ
Sale Price: $110,500,000
Sale Date: December 28, 2020
Size: 1,050,266 SF
Buyer: Clarion Partners, New York, NY and MRP Realty, Washington, DC
Seller: Stag Industrial, Boston, MA
Details: Stag Industrial Inc divested this industrial property measuring more than 1 million square feet on a 117-acre site in Burlington County to a joint venture between Clarion Partners and MRP Realty. The buyers plan to demolish the existing structure to make way for two new distribution buildings.
Interstate Distribution Center Pittston, PA
Sale Price: $96,000,000
Sale Date: October 29, 2020
Size: 1,078,200 SF
Buyer: Ball, Broomfield, CO
Seller: Endurance Real Estate Group, Radnor, PA and Blue Vista, Chicago, IL
Details: Ball Corp., a Colorado based aluminum packaging manufacturing company, acquired a new distribution center in Pittston, PA. The building was delivered in shell condition and Ball Corp. plans to retrofit the facility as an aluminum beverage packaging plant set to open in mid-2021.
899 Cassatt Road, Berwyn, PA
Sale Price: $91,318,251 (allocated)*
Sale Date: December 20, 2020
Size: 695,211 SF
Buyer: Davidson Kempner Capital Management, New York, NY
Seller: Brandywine Realty Trust, Philadelphia, PA
Details: In another year-end trade, Brandywine Realty Trust sold a majority stake in multiple office parks totaling over one million square feet. The properties involved included Berwyn Park, Southpoint and Westlakes Office Park in Berwyn, Pennsylvania, and Research Office Center 270 in Rockville, Maryland. The sales price was a reported $154,239,135 for the 80% interest. Brandywine retained a 20% interest in the joint venture with the New York-based asset management firm and will provide management, leasing and construction management services to the joint venture. *Part of a portfolio sale
Top Industrial Leases
4255 North Valley Drive, Schnecksville, PA
Space Leased: 1,326,994 SF
Deal Type: New Lease
Sign Date: October 9, 2020
Size: 1,326,994 SF
Tenant: United Natural Foods
Details: Black Creek Group’s North Valley Trade Center 1 building landed a major tenant in the fourth quarter. United Natural Foods, a premier wholesale food and meat distributor, agreed to occupy over one million square feet in this new Lehigh Valley development set to deliver in the third quarter of 2021.
1 Walnut Bottom Road, Shippensburg, PA
Space Leased: 1,100,500 SF
Deal Type: New Lease
Sign Date: October 28, 2020
Size: 1,100,500 SF
Tenant: Lowe’s Home Improvement
Details: Home improvement retail giant Lowe’s secured this new distribution center at Commerce Park, the 300-acre planned industrial development located in the southern I-81 corridor. Lowe's signed a 10-year deal with Equus Capital Partners to occupy an entire 1.1 million-square-foot distribution facility within the Shippensburg 81 Logistics Center as part of its plans to to significantly expand its supply chain to improve same-day and next-day fulfillment options for customers and speed up e-commerce shipping across the country. Last August, the North Carolina-based retailer unveiled plans to open 50 cross-dock terminals, seven bulk distribution centers and four e-commerce fulfillment centers over the next 18 months.
Penn Commerce Center, 951 Centerville Road, Newville, PA
Deal Type: New Lease
Sign Date: November 10, 2020
Size: 710,368 SF
Tenant: Elogistic
Details: Building 2 of this Class-A industrial logistics park owned by Clarion Partners was leased by Elogistic, a New Jersey-based company specializing in global logistics fulfillment. The newly delivered facility includes 710,368 square feet of space. a 40’ minimum clear height, 107 dock doors and four drive-in doors on grade.
151 Commerce Drive, Hazleton, PA
Space Leased: 440,504 SF
Deal Type: Renewal
Sign Date: October 1, 2020
Size: 440,504 SF
Tenant: Corrugated Supplies
Details: Currogated Supplies Co., a large manufacturer and distributor of currogated cardboard sheets, renewed its lease in the Cabot Properties' Humboldt East Industrial Park. CSC selected the Hazleton facility as its seventh U.S. location in 2019 to serve its northeastern customers. Cabot purchased the single-tenant distribution building last November for just under $42 million.
Barrington Business Center, 1 Commerce Drive, Barrington, NJ
Space Leased: 285,253 SF
Deal Type: Renewal
Sign Date: December 15, 2020
Size: 931,682 SF
Tenant: PAE
Details: One of Barrington Business Center’s largest tenants, Pacific Architects and Engineers, renewed its lease for just over 285,000 square feet in the fourth quarter. PAE is a defense and government services contractor that has been a tenant in the building since 2017.
9801 Blue Grass Road, Philadelphia, PA
Space Leased: 282,800 SF
Deal Type: New Lease
Sign Date: December 1, 2020
Size: 282,800 SF
Tenant: The TJX Companies
Details: TJX, the parent company of retailers T.J. Maxx, Marshalls and Home Goods, signed a fourth quarter lease for a build-to-suit distribution facility to be constructed in northeast Philadelphia. TJX is set to occupy an entire 282,800-square-foot facility that will be located on 21 acres 9801 Bluegrass Rd. The property is owned by DH Property Holdings and Bridge Development is serving as the developer for the project.
9747 Commerce Circle, New Smithville, PA
Space Leased: 211,134 SF
Deal Type: Renewal
Sign Date: October 26, 2020
Size: 384,835 SF
Tenant: Allen Distribution
Details: This Class-A Industrial building developed by Higgins Development Partners and owned by Prologis saw Allen Distribution renew its lease for over 211,000 square feet in a fourth quarter lease transaction. Built in 2007, the 384,835-square-foot building sits on over 25 acres and features 28 docks with a 32’ clear height.
2650 Oldmans Creek Road, Logan Township, NJ
Space Leased: 194,072 SF
Deal Type: New Lease
Sign Date: December 9, 2020
Size: 194,072 SF
Tenant: Ginsey Industries
Details: Plumbing supplies manufacturer Ginsey Industries agreed to lease this entire industrial warehouse in the LogistiCenter at Logan complex. The facility was built in 2019 and features 36 loading docks and a 32-foot clear height. The property is owned by DWS Group, a New York-based asset manager.
1070 Horsham Road, Montgomeryville, PA
Space Leased: 164,740 SF
Deal Type: New Lease
Sign Date: October 30, 2020
Size: 164,740 SF
Tenant: Jillamy
Details: Jillamy, a third-party logistics and supply chain provider, leased just shy of 165,000 square feet last October in this recently renovated and climate-controlled space in Montgomery County, Pennsylvania owned by Nappen & Associates. With its latest lease, Jillamy now has over 1.2 million square feet of warehouse space across Philadelphia, Bucks and Montgomery counties.
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