Alliance Partners Bets On Value-Add Industrial
Alliance Partners HSP snapped up two more PA industrial properties as the year began, 2925 East Market St and 789 Kings Mill Rd in York, totaling about 566k SF (the company's also active in Philly). "We're always looking for value-add industrial/flex properties in our core markets. We look for properties that require capital improvements, significant lease-up, existing lease restructuring or remediation of environmental issues," Alliance director of acquisitions Matt Handel tells us (right, with colleagues Max Ryan, Brett Hamilton and managing partner Richard Previdi). The deal puts the company's recent industrial acquisitions at roughly 2M SF.
These kinds of deals aren't easy to find, Matt continues, "but we believe the buyer pool is smaller because of the complexity of the transactions." The company has already begun a capital improvement plan at 2925 Market St, and anticipates an April completion date of a new roof, enhanced loading docks and improved truck circulation. The seller was D&D Distribution, which is leasing back the entirety of 789 Kings Mill for three years. Gerry Blinebury of Cushman & Wakefield repped D&D.
