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

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.