Out-of-State Investors Eye Industrial
This Valentine's Day, out-of-state buyers are sweet on Philly industrial (hopefully, they'll bring chocolates). For one, New York-based TMC Properties snapped up the 58k SF flex/warehouse space at 121 Greentree in Oaks for $7.4M. The property—which was built by Equus Capital Partners development arm BPG Development in 2006—is 100% occupied by granite supplier Cosentine and RemediSeniorcare, both on long-term leases. Equus SVP Chris Locatell credits its 24' clear height (one never knows when the Harlem Globetrotters will want to play pick-up) and modern features, including brick panels and up to 14 loading docks. (It's also located next to the 820k SF Valley Forge Distribution Center, which an affiliate of Equus had also acquired and resold.) Newmark Grubb Knight Frank’s Dave Dolan and Mike Margolis repped the seller.
These out-of-state buyers are particularly attentive to the I-81 corridor in Pennsylvania and Virginia, where Equus recently sold a 450k SF build-to-suit occupied by McKesson Pharmaceutical to Arizona-based Cole Capital for over $27M, says Chris (snapped in his office this morning). Last month, the firm closed on its ninth real estate investment fund worth $310M and is continuing to scoop out new sites to acquire and develop in this very active flex/industrial market, in addition to sourcing investments nationally for its latest fund.
