PHILADELPHIA—A locally-based subsidiary of Dimah Capital of Kuwait has acquired the Axalta Global Innovation Center at 1050 Constitution Ave. in the Philadelphia Navy Yard for $61.2 million.

The 175,000-square-foot office building is fully leased to Axalta Coating Systems, which maintains its corporate headquarters at 2001 Market St. in Philadelphia and its North American headquarters at 50 Applied Bank Blvd. in Glen Mills, PA.

The property built in 2017, serves as Axalta's Global Innovation Center, a state-of-the-art research and development facility for the company's coating products. Axalta's long-term lease at the property expires in the fall of 2037.

Apex Capital Investments, a U.S.-based real estate investment management firm and a subsidiary of Kuwaiti-based Dimah Capital, acquired the asset.

Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets' Institutional Properties team marketed the property on behalf of the seller, Liberty Property Trust. Additionally, CBRE Debt & Structured Finance team members Nick Harris and Steven Doherty financed the deal and secured the funding on behalf of the buyer.

"The Axalta transaction is a continuation of Liberty Property Trust's phenomenal success in the Navy Yard," says CBRE EVP Robert Fahey. "Axalta is another example of foreign capital pursuing best-in-class real estate investments in the life sciences sector."

Earlier this month, Liberty Property Trust was acquired by Prologis in a deal valued at $13 billion.

Instant Insights /

Dimah Capital Subsidiary Acquires Axalta Global Innovation Center at Philly Navy Yard

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