Top Property Sales Recognized for Philadelphia

As big-ticket items involving sizable investments, commercial property transactions often have a wider impact within the local community. 

Here are the Philadelphia property sales selected as the second-quarter 2023 winners of the CoStar Power Broker Quarterly Deal Awards:

TOP SALE: Port Logistics Center at Logan, 2961 US-322, Logan Township, NJ - Part of Portfolio

2961 US-322, Logan Township, NJ (CoStar)

Sale Price: Not disclosed*

Sale Date: June 29, 2023

Size: 1,774,748 SF

Buyer: Prologis, San Francisco, CA

Seller: Blackstone, New York, NY

Deal Commentary: California-based Prologis, the biggest owner of industrial property in the world, acquired a 72-building, 13.8 million-square-foot portfolio of industrial properties from opportunistic real estate funds affiliated with Blackstone for $3.1 billion in the second quarter's top deal. In addition to the property in Logan Township, New Jersey, the acquisition expanded its holdings in key distribution markets, including Atlanta, Baltimore/Washington DC, Southern California, Central Valley, SF Bay Area, Dallas, Las Vegas, New York/New Jersey, Phoenix and South Florida. Prologis and Blackstone have completed more than a dozen transactions together in the past decade.

*Part of a portfolio sale

TOP SALE: Twinbridge Industrial Parl, a Portfolio of 36 Properties

15 Twinbridge Drive, Pennsauken, NJ (CoStar)

Sale Price: $194,500,000

Sale Date: June 28, 2023

Size: 1,326,785 SF

Buyer: DRA Advisors, New York, NY

Seller: Walton Street Capital, Chicago, IL, and Wharton Equity Partners, New York, NY

Deal Commentary: A joint venture between Walton Street Capital and Wharton Equity Partners sold a 1.3 million-square-foot portfolio in New Jersey just outside of Philadelphia for $194.5 million to DRA Advisors. The sale of the Twinbridge Industrial Park, which has 37 properties in Pennsauken sold with PGIM Real Estate providing $103 million in fixed-rate financing to DRA Advisors. Wharton and Walton acquired Twinbridge, in July 2020 for $83.25 million from The Bloom Organization and since then added to the original 32-building park with several additional purchases. In the years since, they executed their value-add investment strategy by increasing rental rates, making property improvements, and filling nearly all of the 37 total buildings. A mix of high-profile tenants are included in the portfolio such as Lockheed Martin, Sprint, PepsiCo's SodaStream, and BlueTriton.

TOP SALE: The Heights at Glen Mills, 1000 Ellis Drive, Glen Mills, PA

1000 Ellis Drive, Glen Mills, PA (CoStar)

Sale Price: $74,000,000

Sale Date: April 24, 2023

Size: 222,413 SF

Buyer: Waterton and Waterton, Chicago, IL

Seller: Pantzer Properties, New York, NY

Deal Commentary: A Chicago multifamily investor made its foray into a Northeast market in a top second-quarter deal. Waterton closed on its purchase of The Point at Glen Mills located about 30 miles west of Philadelphia, marking its first acquisition in the area. Waterton paid $74 million for the 230-unit complex. Seller Pantzer Properties of New York paid $56.25 million for eight-year-old property in 2018. Located in the Philadelphia suburb of Glen Mills, Pennsylvania, it also is close to employment centers in both downtown Philadelphia and Wilmington, Delaware.

TOP SALE: Covington 380 Logistics Center, 180 First Ave., Gouldsboro, PA

180 First Ave., Gouldsboro, PA (CoStar)

Sale Price: $60,000,000

Sale Date: June 1, 2023

Size: 501,600 SF

Buyer: Hines, Houston, TX

Seller: Portman Holdings, Atlanta, GA, and Rockpoint, Boston, MA

Deal Commentary: The distribution building, Covington 380 Logistics Center, has traded hands in a second-quarter deal after signing a full-building tenant in the first quarter. Totaling over 500,000 square feet, the property was delivered in 2022 and was sold by a joint venture consisting of developer Portman Holdings and private equity company Rockpoint. In February, All-Ways Forwarding leased the entire facility

TOP SALE: Core5 at Codorus Creek Building 1, 405 Busser Road, York, PA

405 Busser Road, York, PA (CoStar)

Sale Price: $54,400,000

Sale Date: June 1, 2023

Size: 483,748 SF

Buyer: Cabot Properties, Boston, MA

Seller: Core5 Industrial Partners, Atlanta, GA

Deal Commentary: Cushman & Wakefield arranged the sale of a 483,770-square-foot industrial property located at 405 Busser Road in a top second-quarter transaction. Cabot Properties acquired the newly-built property that is fully leased to Hill’s Pet Nutrition, a subsidiary of Colgate-Palmolive.

TOP SALE: 9130 Griffith Morgan Lane, Pennsauken, NJ

9130 Griffith Morgan Lane, Pennsauken, NJ (CoStar)

Sale Price: $30,122,696

Sale Date: April 11, 2023

Size: 189,498 SF

Buyer: Puratos Group, Dilbeek, BCR

Seller: Wharton Equity Partners, New York, NY

Deal Commentary: Totaling nearly 190,000 square feet, the food processing facility on Griffith Morgan Lane sold in the second quarter for just over $30 million to Puratos Group. Built in 1980, the facility is fully leased to Royal Wine, a subsidiary of Kenover Marketing, a division of Kayco, although the buyer plans to renovate and occupy the building by 2025. Based outside Brussels, Belgium, the firm is a global provider of products, raw materials and applications to the bakery, patisserie and chocolate sectors.

TOP SALE: Student Housing Complex Near Lehigh University

Sale Price: $29,500,000

Sale Date: May 31, 2023

Size: 143,736.5 SF

Buyer: Amicus Properties, New York, NY

Seller: Beacon Assets, Causeway Bay, Hong Kong

Deal Commentary: A student housing portfolio totaling 383 beds near Lehigh University traded hands in a second-quarter sale arranged by GREA, formerly Rittenhouse Realty Advisors. New York-based Amicus Properties purchased the sprawling portfolio, which included 45 modern apartment units, 62 single-family houses, and one street-level commercial space, all located within a short walk of Lehigh University, Seller Beacon Assets acquired the portfolio in 2018.

TOP SALE: 525 Jaycee Drive and 675 Jaycee Drive, Hazleton, PA

675 Jaycee Drive, Hazleton, PA (CoStar)

Sale Price: $23,850,000

Sale Date: May 23, 2023

Size: 283,450 SF

Buyer: Bridge Investment Group, Sandy, UT

Seller: EAM-Mosca, Hazleton, PA

Deal Commentary: A two-building industrial portfolio totaling 283,450 square feet sold as a sale-leaseback transaction during the second quarter. Utah-based Bridge Net Lease acquired the two off-market manufacturing and distribution properties in Hazleton near the intersection of two interstate highways. The properties were fully occupied by the seller, EAM-Mosca Corp., which signed two 15-year absolute new leases with two additional 5-year options at the close of escrow.

TOP SALE: The Pavilion at Lansdale, 401-561S. Broad St., Lansdale, PA

401-561 S. Broad St., Lansdale, PA (CoStar)

Sale Price: $19,500,000

Sale Date: April 14, 2023

Size: 111,615 SF

Buyer: MBF Real Estate Holdings, Springfield, PA

Seller: J.C. BAR Properties, York, PA

Deal Commentary: The Pavilion at Lansdale shopping center was 96% leased at the time of sale to MBF Real Estate Holdings. Major tenants include Grocery Outlet, Dollar Tree, Pets Plus Natural, and Allure Salon. The sale was the upleg in the buyer’s 1031 exchange.

TOP SALE: Richland Plaza, 701-751 S. West End Blvd., Quakertown, PA

701-751 S. West End Blvd., Quakertown, PA (CoStar)

Sale Price: $16,700,000

Sale Date: June 1, 2023

Size: 206,501 SF

Buyer: Velocity Venture Partners, Bala Cynwyd, PA

Seller: AKL Associates, Easton, PA

Deal Commentary: AKL Associates sold Richland Plaza in Quakertown to Velocity Venture Partners for $16.7 million, or approximately $80.87 per square foot with plans to redevelop the retail property into industrial. Rebranded as Velocity 309, the location is in Upper Bucks County with direct frontage along Route 309. At the time of closing, the center was just 25% leased.

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