New York Firm Buys Warehouse Near Philly For $26M
A New York-based real estate firm has acquired an industrial property near Philadelphia, its second in the metro area.
Thor Equities Group has acquired the warehouse at 1370 Imperial Way in West Deptford, New Jersey, for $25.6M, Bisnow can first report.
The property last sold in 2021 for $16M to an LLC registered to Jonathan Rubin of BHRS Group, a manufacturing company based in Lakewood, New Jersey, according to property and corporate records.
The warehouse sits east of Interstate 295 and is near both the Port of Philadelphia and Philadelphia International Airport.
Its proximity to major thoroughfares offers connectivity to millions of consumers, according to a Thor Equities press release.
“Collectively, our new acquisitions exceed 2 million square feet of premier facilities in strategic markets like Philadelphia, representing our confidence in the industrial sector,” CEO Joseph Sitt said in a statement. “We believe this asset will enhance our portfolio’s performance and look forward to showcasing our asset management and development capabilities.”
The 180K SF warehouse was built in 1978 and was offered for net lease at a rate of $10.50 per SF, according to a listing from NAI Mertz President Scott Mertz. It has been offered as light industrial space for custom leasing from 30K SF to the full space, the listing shows.
Thor's purchase of 1370 Imperial Way doubles the number of Philadelphia-area warehouses it owns. It acquired a 119K SF warehouse in 2021 in Bridesburg at 4219 Richmond St., north of the Betsy Ross Bridge.
Thor Equities refinanced that property earlier this year for $13M with Thorofare Capital, according to Traded. The last-mile delivery center was anchored by Amazon when Thor purchased it for $27.5M in 2021.
Thor Equities long specialized in luxury retail properties in New York and major European cities before branching into industrial and life sciences in recent years. Sitt's firm has $20B of commercial real estate assets under management across industrial, laboratory, hospitality, residential, mixed-use, office and retail, according to a statement.
