Wednesday, February 14, 2024

Top Commercial Property Sales Recognized for Philadelphia

TOP SALE: Bala Plaza Portfolio of 5 Properties

Sale Price: $185,000,000

Sale Date: October 30, 2023

Size: 1,136,771 SF

Buyer: FLD Group, Jackson, NJ, A&H Acquisitions, New York, NY and MS Management, Eatontown, NJ

Seller: Tishman Speyer, New York, NY

Deal Commentary: Tishman Speyer's sale of Bala Plaza, handing off the long-planned renovation of the Main Line complex to a new set of stakeholders, ranked as the top sale of the fourth quarter for the Philadelphia region. The sale involved three Bala Plaza office buildings in the Philadelphia suburb of Bala Cynwyd, along with a freestanding Saks Fifth Avenue department store off City Ave. All were acquired by FLD Group, Inc. and the Adjmi family's A & H Acquisitions Corp. for $185 million. The property's new ownership group is expected to continue the redevelopment plans for the property based on the approved master plan obtained by Tishman that calls for the 2.1 million square feet of new development encompassing multiple retail sites, a 168-room hotel, approximately 750,000 square feet of office space and 750 residential units. Work on the properties is expected to take place over the next two decades.

TOP SALE: Cindel Business Park, Cinnaminson, NJ

Sale Price: Not disclosed

Sale Date: December 20, 2023

Size: 1,123,325 SF

Buyer: ARES Management, Denver, CO

Seller: Whitesell Construction Company, Mount Laurel, NJ

Deal Commentary: In another top deal that closed in the fourth quarter, Whitesell Construction sold the 14-building Cindel Business Park to Colorado-based ARES Management LLC for an undisclosed price. The industrial/flex portfolio totaled 1,123,325 square feet and was built between 1985 and 1990 on 85.6 acres. The sale included a pair of properties in the Pennsauken Industrial Park totaling 85,921 square feet. The group of properties includes a mix of flex properties and warehouse space that range in size and occupancy levels located off of Taylor Lane.

TOP SALE: 84 Zions View Road, Manchester, PA

Sale Price: $110,250,000

Sale Date: November 28, 2023

Size: 1,000,350 SF

Buyer: Prologis, San Francisco, CA

Seller: GLP Capital Partners, Santa Monica, CA

Deal Commentary: San Francisco-based Prologis picked up a major industrial facility located on Zions View Road in in Manchester, Pennsylvania, that totals more than one million square feet from another California-based owner GLP Capital Partners in a fourth-quarter deal. Originally developed by DHL in 2019, the global freight transport firm occupies 330,350 square feet in the building, while healthcare and nutrition conglomerate Bayer occupies the remaining 670,000 square feet. GLP acquired the property from DHL at the end of 2019 for $85,216,000.

TOP SALE: 325 Centerpoint Blvd., Jenkins Township, PA

Sale Price: $78,200,000

Sale Date: October 20, 2023

Size: 744,080 SF

Buyer: EQT Exeter, Radnor, PA

Seller: Blackstone, New York, NY

Deal Commentary: Blackstone, the New York-based global asset manager, sold this large industrial property located off Centerpoint Blvd. in Jenkins Township to EQT Exeter in a top fourth-quarter transaction. The distribution building situated across nearly 50 acres delivered in 2008 and was fully leased to Lowe’s Companies Inc. under a lease through March 2027.

TOP SALE: Codorus Quarry Logistics Center, 520 and 540 Busser Road, York, PA

Sale Price: $66,565,000

Sale Date: December 19, 2023

Size: 507,099 SF

Buyer: Hillwood Development, Dallas, TX

Seller: Core5 Industrial Partners, Atlanta, GA

Deal Commentary: In another top deal from the fourth quarter, Core5 Industrial Partners sold two single-tenant warehouses to Texas-based Hillwood Development Corp. for approximately $131.27 per square foot. The fully leased single-tenant buildings delivered in 2023 in the Core5 at Codorus Creek industrial park and include one building measuring 204,269 square feet at 520 Busser Road leased to Middleby Residential, and a second building totaling 302,830 square feet at 540 Busser Road leased to Aurora Parts.

TOP SALE: Portfolio of 4 Multifamily Properties, Upper Darby, PA

Sale Price: Not disclosed

Sale Date: December 12, 2023

Size: 400,406 SF

Buyer: Woodward Properties, Havertown, PA

Seller: The McKee Group, Springfield, PA

Deal Commentary: The McKee Group finalized the fourth-quarter sale of a 436-unit multifamily portfolio to Woodward Properties, which assumed the seller’s outstanding debt on the properties. The four rental apartment properties in the Upper Darby Township include the 232-unit Merion Trace Apts. at 7200 Merion Terrance, the 106-unit Lindenwood Apts. at 100 Shadeland Ave., the 66-unit Lindenwood North & West at 100 Shadeland Ave. and the 32-unit Carole House Apartments at 8650 West Chester Pike. The buyer assumed the seller’s outstanding debt on the properties.

TOP SALE: The Cubes at Lehigh Valley, 7378 Airport Road, Bath, PA

Sale Price: $60,250,000

Sale Date: December 14, 2023

Size: 450,000 SF

Buyer: Prologis, San Francisco, CA

Seller: CRG, Chicago, IL

Deal Commentary: Prologis remained quite active in the Philadelphia region in the fourth quarter with the acquisition of another major industrial property, the 450,000-square-foot The Cubes at Lehigh Valley in a December deal.

TOP SALE: 15000 Roosevelt Blvd., Philadelphia, PA

Sale Price: $54,464,456

Sale Date: December 12, 2023

Size: 51.67 Acres

Buyer: Rockefeller Group, New York, NY and PCCP, Los Angeles, CA

Seller: PAID, Philadelphia, PA

Deal Commentary: The Philadelphia Authority for Industrial Development (PAID) sold a fully entitled development site measuring more than 50 acres to a joint venture between Rockefeller Group and PCCP. The two firms plan to develop the Rockefeller Group Logistics Center at Roosevelt Boulevard, to include a pair of large logistics buildings measuring 318,696 square feet and 338,208 square feet, respectively, for a total of 656,904 square feet. The seller is a subsidiary of the Philadelphia Industrial Development Corp. or PIDC, Philadelphia’s public-private economic development corporation.

TOP SALE: Le Méridien Philadelphia, 1421 Arch St., Philadelphia, PA

Sale Price: $46,650,000

Sale Date: December 19, 2023

Size: 112,383 SF

Buyer: Hersha Hospitality Trust, Philadelphia, PA and Certares Management, New York, NY

Seller: Walton Street Capital, Chicago, IL

Deal Commentary: A joint venture between Hersha Hospitality Trust and New York-based investment firm Certares Management acquired the Le Meridien hotel in Philadelphia in a top fourth-quarter deal from Chicago-based real estate investment trust, Walton Street Capital. Certares and Hersha have an investment partnership in which the two entities jointly purchase hotels. The 10-story Le Meridien Philadelphia was constructed in the Georgian Revival style in the early 20th century and designed by Philadelphia architect, Horace Trumbauer. Originally operated as a YMCA community center, the property was redeveloped into a hotel as part of an adaptive reuse project in 2010.

TOP SALE: Portfolio of 5 Shallow-Bay Industrial Properties

Sale Price: $40,800,000

Sale Date: November 10, 2023

Size: 339,136 SF

Buyer: Taurus Investment Holdings, Boston, MA

Seller: PCCP, Los Angeles, CA and Endurance Real Estate Group, Radnor, PA

Deal Commentary: PCCP and Endurance Real Estate Group, both based in Pennsylvania, sold a fully leased, five-building shallow-bay industrial portfolio to Boston-based Taurus Investment Holdings, which plans to develop a new 64,500-square-foot industrial building on an unused portion of a parking lot on the 600 Delran Parkway property. Taurus also said it plans to take advantage of the New Jersey Community Solar Program to install rooftop solar panels on four of the existing assets and the new building, rendering the project carbon-negative. The Boston-based industrial investment firm also said southern New Jersey has emerged as a cost-effective alternative to Northern New Jersey, with tenants increasingly relocating to South Jersey to take advantage of lower operational costs, including reduced occupancy expenses, an abundance of affordable labor, and lower real estate taxes.

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