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KKR Acquires 283000 Square Foot Industrial Warehouse In Northeast Philadelphia For $83.5M

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SOLD
$83,500,000
Brad Ruppel
Brian Fiumara

Pennsylvania

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Warehouse283,000 SF
Sold 10/08/2024
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SOLD

KKR Acquires 283000 Square Foot Industrial Warehouse In Northeast Philadelphia For $83.5M

9801 Blue Grass Road

See Similar Deals
Warehouse283,000 SF
Sold 10/08/2024
Brad Ruppel
Brian Fiumara
the dealplayerscompscontact
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Summary

PENNSYLVANIA
Asset Type:Warehouse
Price Per Square Foot:$295
Total Square Footage:283,000 SF
Transaction Type:Sale

The transaction involves an industrial property located at 9801 Blue Grass Road in Philadelphia, comprising 21 acres. The asset encompasses a fully leased distribution warehouse, totaling 283,000 square feet, and was sold for $83.5 million, equating to $295 per square foot.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $83,500,000
  • Square Footage: 283,000
  • Address: 9801 Blue Grass Road
  • Market: Philadelphia
  • PPSF: $295
  • Buyer: KKR
  • Seller: Dov Hertz - DH Property Holdings
  • Broker Representatives: Brad Ruppel & Brian Fiumara - CBRE
  • Completed: Two years ago
  • Lease: Fully leased to TJX Companies
  • Clear Heights: 54-foot
  • Construction Loan: $62 million from PCCP

Dov Hertz, representing DH Property Holdings, executed the sale to KKR in this transaction. The brokerage involved includes Brad Ruppel and Brian Fiumara from CBRE, facilitating the deal and navigating the market dynamics surrounding this industrial asset.

Players

Brian Fiumara
CBRE
Brian Fiumara
24 deals$1.6B volume(610) 580-8672
BROKER
Brad Ruppel
CBRE
Brad Ruppel
14 deals$913.1M volume
BROKER

Details

SOLD
IMAGE: Dov Hertz, Brad Ruppel & Brian Fiumara DATE: 10/08/2024 ADDRESS: 9801 Blue Grass Road MARKET: Philadelphia ASSET TYPE: Industrial ~ ACRES: 21 BUYER: KKR (@KKR_Co) SELLER: Dov Hertz (@DovHertz) - DH Property Holdings BROKERS: Brad Ruppel & Brian Fiumara - CBRE (@CBRE) SALE PRICE: $83,500,000 SF: 283,000 ~ PPSF: $295 NOTE: DH Property Holdings sold a 283,000-square-foot distribution warehouse in Northeast Philadelphia to KKR for $83.5 million, or $295 per square foot. The property, fully leased to TJX Companies, features 54-foot clear heights and was completed two years ago with a $62 million construction loan from PCCP.

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