Binswanger brokers 4-property, $32M deal for outdoor industrial portfolio in SW Philadelphia
The Essington Avenue Portfolio Sold for $32,650,000
Philadelphia, PA – June 17, 2021 – Binswanger Commercial Real Estate Services, an innovator in commercial real estate since 1931, today announced that it has brokered the sale of four properties along Essington Avenue in Southwest Philadelphia. The portfolio included 6815 Essington Avenue, 6717-21 Essington Avenue, 6724 Norwitch Drive, and 6729-33 Essington Avenue. The portfolio was purchased by Alterra Property Group for $32,650,000.
The multi property sale was brokered by Binswanger’s Mid-Atlantic team, led by Chris Pennington, Senior Vice President and Partner, with support from Mike Torsiello and John Cook.
“Industrial outside storage properties have become one of the most desirable assets in Philadelphia and the greater Philadelphia region,” stated Binswanger’s Chris Pennington. “These properties in particular were highly sought-after given their occupancy with national credit tenants holding long-term leases. Binswanger conducted a sealed bid process, got an excellent price, and ultimately selected Alterra because of their track record for successfully completing a variety of recent transactions in IOS.”
Further underscoring this trend, Binswanger also recently sold 6640 Essington Avenue, a two-acre parcel for $1,050,000, to 1788 Holdings out of Baltimore, MD. This is the same buyer who purchased 7001 Holstein Avenue in Philadelphia at the end of last year.
Given all these transactions, in the last six months, the Binswanger Mid-Atlantic team has brokered seven properties in Southwest Philadelphia Market totaling $51,500,000 and have several more under agreement of sale.
About The Properties:
- 6815 Essington Avenue has a lot size of 7.0 acres with an improvement area of 31,000 SF. This property is leased to Hertz, Enterprise, and Dent Wizard.
- 6717-21 Essington Avenue has a lot Size of 3.73 Acres (162,500 SF) with an improvement area of 16,913 SF, 325 feet of frontage, and is zoned I-2 Medium Industrial City of Philadelphia. The property is leased to Maaco, We Buy Any Car, and Amazon.
- 6724 Norwitch Drive has a lot size of 1.1 Acres (47,339 SF), 332 feet of frontage, and is zoned I-2 Medium Industrial City of Philadelphia. The property is leased to Amazon.
- 6729-33 Essington Avenue has a lot size of 6.69 Acres (291,290 SF) with an improvement area of 37,762 SF, 375 feet of frontage, and is zoned I-2 Medium Industrial City of Philadelphia. The property is leased to JD Byrider and Amazon.
All of the properties sit within the Southwest Philadelphia Market which is less than 3 miles from Philadelphia International Airport and provides for immediate or nearby access to a variety of major roadways including 95, Routes 76, 476 and 322.
About Alterra Property Group
Alterra Property Group, LLC (“Alterra”) is an established real estate investment, development, and management company based in Philadelphia, PA. The company is comprised of a highly qualified team of professionals that handle all aspects of real estate investment, development, and management, including but not limited to acquisition, entitlement, project/construction management, asset management, leasing, property management, accounting, and investor reporting. Since 2005, Alterra and its predecessor company, have executed over 100 real estate transactions across 15+ states, totaling over $2B in transaction volume, and including $750MM of completed development projects. For more about Alterra, visit https://alterraproperty.com.
Binswanger, a global leader in full-service commercial real estate, has been helping its clients realize their full real estate potential since 1931. Founded by real estate innovator and pioneer, Frank Binswanger Sr., the company operates with the understanding that real estate has the ability to strengthen businesses and transform communities. The company offers a variety of services benefitting both owners and occupiers including global real estate brokerage, location consulting, investment sales, tenant representation, corporate advisory, strategic consulting, and a variety of management services. Having worked with more than half of the Fortune 500, the employee-owned company has long been known as the industry leader in the acquisition and disposition of industrial and commercial facilities around the globe. For more information, please visit www.binswanger.com.