Prologis, Bridge Investment Make $87M Philadelphia Deal

Bridge Investment Group has purchased a 345,000-square-foot industrial property at 4300 S. 26th St., in Philadelphia, according to Yardi Matrix information. Prologis sold the asset for $87 million, or $251 per square foot. The selling party will continue to stay on as property manager.

The manufacturing facility came online in 2009 on a 24-acre site. The property features 24 dock-high loading doors, 30-foot clear heights, 40- by 40-foot column spacing and grade-level parking with 384 spots. Food manufacturer Tastykake leases the entire property, according to the same data provider.

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The industrial facility is just off Interstate 95, which connects the property to the Philadelphia International Airport as well as downtown Philadelphia, some 5 miles southwest and northeast, respectively. Other major thoroughfares in the area include Pennsylvania State Route 291, U.S. Route 13 and Interstate 76. The Port of Philadelphia is 10 miles northeast, along Delaware River.

Philly industrial sales lag behind

In the first two months of this year, Philadelphia registered $134 million in industrial sales, according to a recent Yardi Matrix report, with properties changing hands at an average price of $213 per square foot. The total investment figure positioned the metro in the lower half of the top 30 markets tracked by the data provider, between Baltimore ($153 million) and Nashville, Tenn. ($130 million). During the same time frame, Dallas ($955 million) and Phoenix ($523 million) ranked at the top.

Among recent noteworthy industrial deals in metro Philadelphia is EQT Real Estate’s acquisition of a 2 million-square-foot industrial park through its Logistics Value Fund VI. New York Life Investment Management sold the nine assets in the portfolio, located at 1 mile from Interstate 295, with access to metro Philadelphia and New York.