Macquarie Pays $392M for Amazon Warehouse

The facility is among the first of its kind in the U.S.

Amazon delivery station. Image courtesy of Amazon

Macquarie Asset Management Real Estate has completed the acquisition of LogistiCenter at I-95 Wilmington, a 3.8 million-square-foot industrial facility in Wilmington, Del. Dermody Properties sold the rail-served, Amazon-occupied property for $392 million, according to the Philadelphia Business Journal.

The acquisition marks the largest purchase to date made on behalf of a U.S. account managed by the Australian real estate investment firm’s U.S. Core/Core-Plus Real Estate team. Based on multiple sources, the transaction also represents the highest sale price for a CRE deal in Delaware, while topping all single industrial asset sales in the U.S. in 2021.

New sales of Amazon-leased industrial complexes continue to set records. Recently, Mesirow Financial sold a 2.7 million-square-foot property occupied by the e-commerce company in Bondurant, Iowa, for more than $325 million, the highest recorded sale price in Polk County’s history.

Based on New Castle County records, in 2020 Amazon inked a 20-year lease at LogistiCenter at I-95 Wilmington. While the lease is set to expire in 2041, the tenant has multiple options to extend the lease period in five-year increments.

A closer look at LogistiCenter at I-95 Wilmington

The nearly 4 million-square-foot, single-tenant building features 69 dock high doors and ample parking, with a total of 1,940 spaces offering a ratio of 0.51 spaces per 1,000 square feet.

Last March, LogistiCenter at I-95 Wilmington was one of the leading industrial projects underway, third only to Tesla’s Giga Texas in Austin and Amazon’s Project Rodeo in Colorado Springs, Colo., both encompassing 4 million square feet. Dermody Properties financed the construction of the distribution center with a $235.4 million loan originated by U.S. Bank, CommercialEdge data shows.

The developer completed the five-story facility at 801 Boxwood Road in September on a nearly 80-acre site that housed a General Motors assembly plant, which closed in 2009. Another developer breathing new life into a now defunct industrial complex in the Philadelphia market is Hilco Redevelopment Partners. Last month, the company secured a $500 million loan to redevelop the former PES oil refinery in South Philadelphia into a 15 million-square-foot mixed-use industrial park dubbed The Bellwether District.

The Wilmington facility is easily accessible, within a mile of Delaware Route 141 and some 2 miles away from Interstate 95. New Castle Airport is 5 miles south, while downtown Wilmington is roughly 5 miles northwest.

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