American Equity Partners Acquires Northeast Philadelphia Industrials
"The assets serve as strong additions to our growing portfolio," says David Elkouby, president, American Equity Partners.
PHILADELPHIA, PA—Edison, NJ-based American Equity partners has acquired a 195,205 square-foot portfolio of six industrial properties on 29.7 acres in lower Northeast Philadelphia for $17.5 million. Alex Conte, CCIM, SIOR, Jason M. Crimmins, CCIM, SIOR, Kenneth F. Crimmins, CCIM, SIOR and Peter J. Murano, SIOR of The Blau & Berg Company represented both the buyer and seller in the transaction.
“Given the properties’ locations within minutes from center city Philadelphia as well as their proximity to last mile delivery locations in Pennsylvania and New Jersey, collectively the assets serve as strong additions to our growing portfolio,” says David Elkouby, president, American Equity Partners.
The featured property within the portfolio is a 164-door, 95,000 square-foot truck terminal located on about 14 acres at 3820 N. 2nd Street, which also includes 8,000 square feet of office space. The additional properties are located near The Port of Philadelphia and its airport. The portfolio offers easy access to last mile delivery locations not only to Pennsylvania, but to Southern New Jersey via U.S. Route 1, I-76 and I-95. Its current tenants include H&M, Fresh Direct, Amazon among others.
“Situated off the Betsy Ross Bridge, this unique portfolio served as an exceptional addition to AEP’s portfolio who was looking for a value-add investment in which to reinvest their capital via a 1031 Exchange”, says Jason M. Crimmins, president, The Blau & Berg Company. ”As more and more consumers turn to online shopping, fast ecommerce fulfillment expectations are a priority. The ‘last mile’ of delivery from the warehouse to the customer’s doorstep is the final step within the supply chain process. It is also the most vital, expensive and time-consuming part to same-day delivery. Located within Philadelphia’s 1.56 million demographic region, the amount of docks, fenced-in parking and its accessibility to multiple highways have prepared these facilities to be an essential part of that process, which is evident in its current tenant base.”
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