NorthBridge Partners has acquired a 281,000 square foot, four-building portfolio on 27.29 acres, located in the Byberry East and West Section of the Philadelphia Industrial Park. The properties are located at 2722 Commerce Way, 2801-17 Southampton Road, 2825-45 Southampton Road, and 2191 Hornig Road.
The Philadelphia industrial portfolio is a highly functional assemblage of properties in the Northeast Philadelphia industrial submarket. The portfolio features many characteristics that are desirable for warehouses in the Philadelphia region, including ample off-street car parking, extensive loading and convenient access to the I-95 corridor, which provides direct connections to most of the largest cities located along the east coast.
Frank Roddy, President of Roddy Inc. and the sole broker in the transaction, advised that the portfolio was acquired for $25.5 million. At closing, the Portfolio was 94% leased to twelve different tenants including United Natural Foods Inc., Goodman Distribution, the City of Philadelphia, EIS, Inc. and Riley Sales. The team at Roddy Inc. will represent NorthBridge in the leasing of the Philadelphia industrial portfolio moving forward. There is currently 24,000 square feet of space available and tenant needs from 6,000-24,000 square feet can be accommodated.
ABOUT NORTHBRIDGE PARTNERS
NorthBridge Partners is a Boston-based commercial real estate investment firm that focuses on industrial investments throughout the Eastern US. Since its formation in the fall of 2014, the firm has invested over $450M of capital across over 30 separate investments totaling over 4 million square feet. For more information, please visit www.northbridgecre.com.