Walker & Dunlop organized the mortgage for the newly constructed last-mile facility.
Walker & Dunlop has accomplished the $76.8 million refinancing of 9801 Blue Grass Street, a newly constructed 282,737-square-foot last-mile logistics facility in Philadelphia.
Walker & Dunlop represented the constructing’s developer and proprietor, DH Property Holdings. Funding was offered by Invesco Actual Property and Webster Financial institution.
9801 Blue Grass Street was constructed on a 22.25-acre lot, house to a former baked items producer. The constructing’s development is topic to a $62 million mortgage, in accordance with CommercialEdge information.
The Class A build-to-suit facility is absolutely occupied by TJX as a part of a triple web lease. The property’s options embrace 36-foot and 53-foot clear heights, in addition to 141 grade stage automotive and trailer parking areas, CommercialEdge information exhibits.
Located adjoining to Roosevelt Boulevard, the power is inside 15 miles of downtown Philadelphia, with fast delivery and supply entry to your complete Philadelphia metropolitan space. Moreover, it’s linked to the I-95 and I-76 highways, inserting it inside a day’s drive of your complete U.S. Mid-Atlantic area.
Philadelphia’s industrial sector pulls forward
Philadelphia stays a number one marketplace for industrial improvement and funding, with 11.8 million sq. ft of house in its development pipeline, and $1.3 billion in gross sales transactions, in accordance with a July 2022 report from Yardi Matrix. Demand for industrial and logistics house continues to outpace provide, with the town having a emptiness fee of 5.8 p.c, information from the identical report exhibits. One other industrial endeavor within the Philadelphia space is the redevelopment of The Bellweather District, a 15 million-square-foot mixed-use industrial park within the metropolis’s South Philadelphia district.
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The Walker & Dunlop staff was led by Senior Managing Administrators Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Ianno.
