CBRE Closes Sale of Amazon-Leased Philly Warehouse
- Nov 17, 2020
CBRE has facilitated the disposition of SoPhi Logistics Center, a 283,500-square-foot last-mile industrial property in Philadelphia. A private investor acquired the Amazon-leased facility.
A team consisting of Vice Chairmen Michael Hines and Brian Fiumara, along with Executive Vice President Brad Ruppel and Director Lauren Dawicki negotiated on behalf of the seller, a joint venture of Wharton Industrial Partners and Walton Street Capital. The partnership paid an individual investor $16.8 million for the asset in September 2019, according to Philadelphia County records.
Located on 15 acres at 2400 Weccacoe Ave., the warehouse was built in 1970. Following the 2019 acquisition, the partnership implemented a $10 million capital improvement plan on the property. The upgrades included replacing the roof, expanding the loading docks, repaving the entire property and several other cosmetic finishes.
In June, Amazon signed a 10-year lease for the entire facility, which is a short distance from interstates 76 and 95, the Port of Philadelphia and the CSX Rail Yard Philadelphia. Additionally, the property is 4 miles south of the city center and roughly 8 miles northeast of the Philadelphia International Airport.
In August, the Wharton and Walton partnership acquired a 1.2 million-square-foot logistics portfolio in Pennsauken, N.J. The Bloom Organization sold the Twinbridge Industrial Park and Veterans Industrial Park, which encompass 32 buildings.