January 29, 2020
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 portfolio of land in Philadelphia, PA from American Equity Partners, LLC to Ivy Equities II, LLC. Jason M. Crimmins, CCIM, SIOR, Peter J. Murano, SIOR, Alessandro Conte, CCIM, SIOR and Michael F. Schipper of The Blau & Berg Company represented the seller, while Scott G. Savastano of The Blau & Berg Company represented the buyer in this transaction.
The 118,509 SF on 17.61 AC consisted of a 63,200-SF facility with 60 docks, 11,350 SF refrigerated terminal with 20 docks, a 15,000-SF terminal with 41 docks, and a 20,000-SF terminal which includes a 5,000-SF garage facility. Over 113 docks and 10 drive-ins in total. The tenants include: Fresh Direct (a grocery delivery service), Amazon (an online fulfillment center), H&M (a 3PL logistics company), Romad (an ambulance service licensed by both the Pennsylvania and NJ Department of Health), and Galusso (a 3PL logistics service).
“These ‘last mile’ terminals are positioned at the entrance of the Betsy Ross Bridge leading to Interchange 4 of the NJ Turnpike. This was a unique opportunity to acquire institutional quality terminals, which are in high demand in the highly sought after New York and Philadelphia Metropolitan Market,” stated Jason Crimmins, President of The Blau & Berg Company. Scott Savastano, Director of Capital Markets for The Blau & Berg Company also stated, “It was a such pleasure working with a professional investment group like Ivy which made this transaction seem effortless.”
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.