SHORT HILLS, NJ, December 10, 2018
The Blau & Berg Company, a prominent commercial real estate brokerage firm in the New Jersey and Tri-State area since 1932, recently brokered the sale of a 195,205 SF portfolio of six industrial properties on a total of 29.7 acres in lower Northeast Philadelphia for $17.5M to American Equity Partners, a real estate investment and development company based in Edison, NJ. Alex Conte, CCIM, SIOR, Jason M. Crimmins, CCIM, SIOR and Kenneth F. Crimmins, CCIM, SIOR and Peter J. Murano, SIOR of The Blau & Berg Company were the procuring brokers representing both the buyer and seller in the transaction.
“Situated off the Betsy Ross Bridge, this unique portfolio served as an exceptional addition to AEP’s portfolio who was looking for a value-add investment in which to reinvest their capital via a 1031 Exchange”, said Jason M. Crimmins, President, The Blau & Berg Company. “As more and more consumers turn to online shopping, fast ecommerce fulfillment expectations are a priority. The ‘last mile’ of delivery from the warehouse to the customer’s doorstep is the final step within the supply chain process. It is also the most vital, expensive and time-consuming part to same-day delivery. Located within Philadelphia’s 1.56M demographic region, the amount of docks, fenced-in parking and its accessibility to multiple highways have prepared these facilities to be an essential part of that process, which is evident in its current tenant base.”
“Given the properties’ locations within minutes from center city Philadelphia as well as their proximity to last mile delivery locations in Pennsylvania and New Jersey, collectively the assets serve as strong addition to our growing portfolio,” noted David Elkouby, President, American Equity Partners.
The featured property within the portfolio is a 164-door, 95,000 SF truck terminal located on 14+/- acres at 3820 N. 2nd Street, which also includes 8,000 SF of office space. The additional properties are located near The Port of Philadelphia and its airport. The portfolio offers easy access to last mile delivery locations not only to Pennsylvania, but to Southern New Jersey via U.S. Route 1, I-76 and I-95. Its current tenants include H&M, Fresh Direct, Amazon among others.
About The Blau & Berg Company
The Blau & Berg Company (www.blauberg.com) was founded in 1932 and holds a leading position in the New Jersey and Tri-State commercial real estate market. Headquartered in Short Hills, New Jersey, The Blau & Berg Company is an independent, full-service commercial real estate brokerage firm, providing expert and personalized services in industrial, office and retail real estate, including: site selection, acquisitions, dispositions, leasing, tenant representation, portfolio sales, asset repositioning, and property & construction management.