$24.7M sale of three-building industrial portfolio closes in Philadelphia
JLL Capital Markets led sale efforts for sale of airport infill portfolio
PHILADELPHIA, Aug. 11, 2023 – JLL Capital Markets announced today that it arranged the $24.7 million sale of the Philadelphia Airport Infill industrial portfolio totalling 122,373 square feet in Philadelphia, Pennsylvania. The transaction closed on Friday August 4, 2023.
JLL represented the seller, Alliance HP, a Bryn Mawr, PA based real estate investment firm focused on small and medium sized, value-add industrial investments in Greater Philadelphia and South Florida. Campbell Rocco Law represented Alliance on the transaction.
The Philadelphia Infill Industrial Portfolio consists of three properties located at 3250 78th St., 3201 South 76th St. and 3440 Bartram Ave., and are fully leased to three tenants. Key features across the portfolio include clear heights between 17 and 22 feet, 14 loading doors, five drive-in doors and 163 parking spaces. The assets are located within a 2.5-mile radius of the Philadelphia International Airport and within a 15-minute drive from the PhilaPort.
The Philadelphia I-95 Corridor stretches from Trenton, New Jersey south towards New Castle County, Delaware. This corridor is one of the strongest performing industrial markets in the U.S. and serves as the mid-point between New York City and Washington D.C., offering best-in-class connectivity to some of the most concentrated population centers in the country. JLL’s research team tracks over 336.5M SF of industrial product, both existing and active construction, along this corridor across 2,647 buildings.
The JLL Capital Markets team was led by John Plower and Ryan Cottone, along with their partners on the industrial brokerage team, Larry Maister and Kyle Lockard.
“These properties were well received in the market due to their irreplaceable location, stable cash flow and good tenant mix. We saw very strong interest during the marketing process and were pleased with the outcome,” said Plower.
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Alliance HP
Alliance HP’s industrial warehouse acquisition strategy focuses on small and mid-size properties in our two home markets: Greater Philadelphia and South Florida. Founded in 2009, Alliance has internal capabilities in acquisitions, construction, leasing, market research and capital markets. Alliance targets value-add opportunities that take advantage of our organizational strengths, local market presence and compelling industrial sector tailwinds. Alliance’s deeply experienced team has successfully executed this specific strategy across multiple fund vehicles and one-off investments comprising 30+ acquisitions in total since 2020 with significant repeat investments from two large institutional investors and a number of high-net-worth individuals and family offices. Alliance HP was founded by Clay Hamlin and Richard Previdi in 2009. For further information, visit AllianceHP.com.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.