$52M Office, Industrial Fund Grabs First Philadelphia Property

The APCA Property Fund I, operated by Stamford, Conn.-based Ashforth Co. and Paradigm Capital Advisors of Boston, has acquired an 86,000-square-foot industrial building in Philadelphia, marking the $52 million fund’s first acquisition in the city. Occupied by Brooks Provisions, a food warehousing and distribution company, the property is located in an area zoned as a food distribution center, which is about a half-mile from the  Packer Marine Terminal in South Philadelphia and adjacent to an intermodal rail yard served by truck and rail, Stephen Marzullo, senior vice president, investment properties with the CBRE Institutional Group in Wayne, Pa., told CPN today. “Interstate-95 literally runs past the back lot of the property, with on and off ramps just a half-mile away,” he added. Zoned specifically to handle food distribution, the entire food distribution center has been fully occupied for years. The APCA Property Fund 1, which targets industrial and office properties, has also acquired a three-building industrial complex spanning 407,000 square feet in Moorestown, N.J. CB Richard Ellis Inc. handled both transactions. “Both properties offered existing cash flow and opportunities to enhance cash flow when the lease rolls over,” Marzullo (pictured) said. “The fund is a core-plus buyer.”