{"id":1004567714,"date":"2022-02-16T04:47:40","date_gmt":"2022-02-16T12:47:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004567714"},"modified":"2022-12-09T02:21:46","modified_gmt":"2022-12-09T10:21:46","slug":"australian-firm-pays-392m-for-amazon-facility","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/australian-firm-pays-392m-for-amazon-facility\/","title":{"rendered":"Macquarie Pays $392M for Amazon Warehouse"},"content":{"rendered":"
\"\"<\/a>

Amazon delivery station. Image courtesy of Amazon<\/p><\/div>\n

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

The acquisition marks the largest purchase to date made on behalf of a U.S. account managed by the Australian real estate investment firm\u2019s 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.<\/p>\n

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<\/a>, the highest recorded sale price in Polk County\u2019s history.<\/p>\n

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.<\/p>\n

A closer look at LogistiCenter at I-95 Wilmington<\/h2>\n

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.<\/p>\n

Last March, LogistiCenter at I-95 Wilmington was one of the leading industrial projects underway<\/a>, third only to Tesla\u2019s Giga Texas in Austin and Amazon\u2019s 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<\/strong>, CommercialEdge data shows.<\/p>\n

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<\/a> to redevelop the former PES oil refinery in South Philadelphia into a 15 million-square-foot mixed-use industrial park dubbed The Bellwether District.<\/p>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

The facility is among the first of its kind in the U.S.<\/p>\n","protected":false},"author":1763,"featured_media":1004550671,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,21742,10],"tags":[37482,36664,39882],"class_list":["post-1004567714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-latest","category-northeast","tag-amazon","tag-dermody-properties","tag-macquarie-group"],"acf":[],"yoast_head":"\nDermody Properties Sells Amazon Facility to Macquarie Group - CPE<\/title>\n<meta name=\"description\" content=\"The Australian Macquarie Asset Management Real Estate paid $392 million to Dermody Properties for the Amazon facility in Wilmington, Del.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/australian-firm-pays-392m-for-amazon-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Macquarie Pays $392M for Amazon Warehouse\" \/>\n<meta property=\"og:description\" content=\"The Australian Macquarie Asset Management Real Estate paid $392 million to Dermody Properties for the Amazon facility in Wilmington, Del.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/australian-firm-pays-392m-for-amazon-facility\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-16T12:47:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:21:46+00:00\" \/>\n<meta name=\"author\" content=\"Agota Felhazi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/Amazon-delivery-station-workers.jpeg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/australian-firm-pays-392m-for-amazon-facility\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/australian-firm-pays-392m-for-amazon-facility\/\",\"name\":\"Dermody Properties Sells Amazon Facility to Macquarie Group - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/australian-firm-pays-392m-for-amazon-facility\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/australian-firm-pays-392m-for-amazon-facility\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/Amazon-delivery-station-workers.jpeg\",\"datePublished\":\"2022-02-16T12:47:40+00:00\",\"dateModified\":\"2022-12-09T10:21:46+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/bd1ef74130b86a7c6013eaa04b08b28d\"},\"description\":\"The Australian Macquarie Asset Management Real Estate paid $392 million to Dermody Properties for the Amazon facility in Wilmington, Del.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/australian-firm-pays-392m-for-amazon-facility\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/australian-firm-pays-392m-for-amazon-facility\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/australian-firm-pays-392m-for-amazon-facility\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/Amazon-delivery-station-workers.jpeg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/Amazon-delivery-station-workers.jpeg\",\"width\":6029,\"height\":4351,\"caption\":\"Amazon delivery station. 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