By Paul Schwedelson – Reporter, Philadelphia Business Journal
Two years after construction was completed, the owner of a Northeast Philadelphia distribution warehouse has sold the build-to-suit property to a global investment firm for $83.5 million, according to property records.
The 282,737-square-foot building at 9801 Blue Grass Road is fully leased by TJ Maxx, HomeGoods and Marshalls parent company TJX Cos.
DH Property Holdings sold the property to Blue Grass Owner II LLC, an entity with the same New York address as alternative investment giant KKR (NYSE: KKR).
New York-based DH Property Holdings bought the 21-acre site for $10.5 million in 2020 from Huntingdon Valley real estate firm Sant Properties.
The building, which has 54-foot clear heights, is near the intersection of Roosevelt Boulevard and Grant Avenue and just west of the Northeast Philadelphia Airport. It’s within 3 miles of an entrance to I-95.
KKR has been active in the Philadelphia area. The firm bought three warehouses in the region this past summer as part of a $377 million portfolio acquisition of a total of six fully leased warehouses. KKR also sold the Bourse building and 400 Market St. in Old City for a combined $41 million. The firm has also said it could soon sell two more Old City properties.
In 2021, DH Property Holdings received a $62 million construction loan for the warehouse at 9801 Blue Grass Road.
"We are merchant builders,” DH Property Holdings Principal Dov Hertz said in an email to the Business Journal. “That is our business. We build, sometimes we hold for a few years, let the deal stabilize, and then we sell. But we’re not in the long-term game — we’re focused on getting a return for our investors through a capital event.”
Full story: https://tinyurl.com/2vrjm5nv
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