Exclusive: Link Logistics Sells Philly Portfolio for $121M

Blackstone’s Link Logistics has sold an 849,203-square-foot industrial collection in metro Philadelphia for $120.7 million, according to Yardi Matrix. Investcorp purchased the portfolio, backed by a $87.2 million loan issued by OCBC.

The traded assets include:

• three warehouses spanning 270,855 square feet within the Boulden Interchange Park in New Castle, Del. The properties changed hands for $41.4 million
• two facilities totaling 303,006 square feet inside the Interchange Business Park in Newark, Del. The duo sold for $40.5 million
• two buildings encompassing 146,482 square feet inside the Pencader Corporate Center, also in Newark. The duo went for $38.8 million

Additionally, as part of the portfolio, a parcel of more than 8 acres sold for $800,000.

---

READ ALSO: Is Industrial CRE Benefiting From Tariffs and Reshoring?

---

The warehouses measure on average approximately 121,000 square feet, having an average age of more than 26 years. The tenant roster includes shipping companies Tondo Fulfillment and E A R Specialty, as well as manufacturer Syensqo, among others.

The buildings are within 16 miles of Wilmington’s port and airport, as well as about 5 miles from thoroughfares such as Interstate 95 and U.S. Route 40. Downtown Philadelphia is about 44 miles northeast.

Blackstone sells more, buys less

These divestments land after Blackstone’s third quarter report, which revealed the company sold $7.3 billion worth of commercial real estate between June and September 2025, up from $5.2 billion the previous quarter. Notably, the firm spent only $3.6 billion for such acquisitions during the same period, down from $6.2 billion in the second quarter.

Other recent Blackstone deals include the $109 million sale of a two-warehouse portfolio spanning 450,000 square feet in the City of Industry, Calif., as well as the $96.3 million divestment of a 712,733-square-foot campus in Roseville, Calif.

Philly’s tight industrial market

Metro Philadelphia’s industrial investment volume stood at $706 million year-to-date through August, according to the latest Yardi Matrix report. Assets traded on average for $125 per square foot, below the national average of $137 recorded during the same period. Yet, Link Logistics traded the portfolio for $142 per square foot, above both thresholds.

The market was tighter, however, with its vacancy clocking in at 7.7 percent in August, 100 basis points under the national figure, the report shows. Average rents went up 8.5 percent year-over-year, landing at $8.4 per square foot.