JLL closes $8.75M sale of Philadelphia light industrial building
Mountain Development Corp. purchased the fully leased property
MORRISTOWN, N.J., May 14, 2020 – JLL Capital Markets announced today that it has closed the $8.75 million sale of an 86,315-square-foot light industrial building in a high barriers-to-entry market in Philadelphia, Pennsylvania.
JLL marketed the property on behalf of the seller, The Hampshire Companies. Mountain Development Corp. purchased the asset.
The facility is situated on 5.7 acres at 3445-3535 S. Front St. in a last-mile distribution area in south Philadelphia adjacent to Interstate 95 and less than one mile from Interstate 76. The property has an active rail spur served by Conrail, CSX and Norfolk Southern. The building is also less than one mile from a CSX rail yard and 1.5 miles from the Philadelphia Navy Yard. The property features a rear load configuration, clear heights ranging from 18 to 44 feet, 14 loading docks and 10 percent office finish. The building is home to Ferguson Enterprises, the largest U.S. distributor of plumbing supplies.
The JLL Industrial Capital Markets team representing the seller was led by Senior Director Michael Oliver, Senior Managing Director Jose Cruz, Directors Jordan Avanzato and Marc Duval, Senior Managing Director John Plower and Senior Vice President Jenna Imperatore.
“The Mountain Development team did an incredible job closing on this transaction during a difficult time in the market,” Oliver said. “This shows you there are strong buyers for quality real estate and tenancy today”.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com. To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow the company on Facebook (facebook.com/hampshirere), Twitter (@hampshireco), and LinkedIn (linkedin.com/company/the-hampshire-companies).
About Mountain Development Corp.
Founded in 1979, Mountain Development Corp. (MDC) is a full-service real estate company with more than 40 years’ experience developing, acquiring, building, repositioning, managing, leasing and financing commercial property. MDC is an active acquirer of a broad range of opportunistic and value-added real estate investments, together with select core projects, capable of generating attractive, risk-adjusted returns for both its principals and select partners.