A partnership involving a New York firm and a local investor has picked up three adjacent industrial properties totaling 218,961 square feet in Philadelphia for $9.6 million.
Bash Capital and West Chester-based investor Joseph A. Cunane bought 20 Jackson St., a 79,431 square-foot building; 38 Jackson St., a 76,620-square-foot building; and 21 Wolf St., a 62,910-square-foot building. The properties, all built around 1900 and located right off I-95, were a combined 44% occupied at the time of sale. The seller was a local partnership going under the name JP Vision LP, according to Philadelphia property records.
This three-property acquisition is a strategic one for the partnership, which is targeting properties in a part of South Philadelphia that has Amazon and UPS distribution centers as well as big box retailers such as Lowe’s, Ikea and TJ Maxx. In late 2020, an entity affiliated with Bash and Cunane bought 22 Wolf St., a 55,000-square-foot building, for a little more than $4.8 million.
The partnership also made a run at buying a 120,000-square-foot building on nearly 7 acres that is owned by the chemical company Inolex Group Inc. but didn’t get. It is located across from the partnership’s three recent acquisitions.
*Article courtesy of Philadelphia Business Journal
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