Monday, May 16, 2022

DH Property Holdings Acquires Philadelphia Industrial Asset

 DH Property Holdings, LLC, a leading developer and owner of urban infill industrial logistics facilities, has acquired 200 Pattison Avenue in Philadelphia, Pennsylvania, for $24 million. The fully tenanted 96,000-square-foot warehouse facility was formerly owned by Ivy Realty. The transaction marks DHPH’s sixth Class-B infill industrial asset acquisition in the last six months as part of the newly launched EIB Ventures I LP fund.

The Pattison Avenue property, set on 7.08 acres, features 25,000 square feet of cold storage, 19,000 square feet of freezer storage, 16 loading docks, 12-foot to 17-foot clear ceiling heights and additional features. 200 Pattison Avenue is fully occupied by tenants Preferred Meals, which has been a tenant for nearly 30 years, and Tristate Intermodal. Situated in South Philadelphia, only minutes from the city center, the property provides convenient access to the Philaport, I-95 and I-76.

This is the 4th  Class-B industrial building acquisition in Philadelphia for DHPH for a total capitalization of $49.2 million across 280,000 square feet of space. As part of EIB Ventures I, DHPH has acquired six Class-B industrial buildings in the Northeast since June 2021, for a total capitalization of $102.3 million across 548,000 square feet. 

In addition to its existing properties, DHPH currently has over 5 million square feet, or over $2.5 billion, of Class-A urban warehouses complete or under development throughout the Northeast, including in New York City, Boston and Philadelphia.

The Newmark team of Michael Margolis, senior managing director; David Dolan, senior managing director; J Eustace Wolfington III, senior managing director, and Ryan Guittare, associate director, represented DHPH and Ivy Realty in the transaction.

“The acquisition of 200 Pattison Avenue further expands and diversifies the company’s portfolio,” said Hertz. “The property is positioned to thrive as demand for logistics space in the market continues to grow, and it provides powerful long-term value.”

Founded in 2016 by Dov Hertz, DHPH is a Manhattan-based industrial real estate development, investment and management firm that has been at the forefront of the industrial logistics trend, developing best-in-class distribution warehouses in complex and challenging urban environments. The company developed 640 Columbia Street, the first multi-story logistics center in New York City.

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