A newly built warehouse in Northeast Philadelphia sold for $94.5 million. The sale represents one of the region’s largest industrial deals this year. An affiliate of Principal Financial Group bought the 465,000-square-foot property at 11601 Roosevelt Boulevard. NorthPoint Development, which completed the building in 2020, handled the sale.
The price equals about $203 per square foot. As a result, the deal sits well above the regional industrial average of $159 per square foot, according to Colliers. The warehouse remains fully leased to KLS Logistics, a DHL International affiliate. The tenant still has five years left on its lease.
Principal Financial Group did not share comments about the purchase. Even so, the acquisition highlights continued demand for modern logistics space.
The 24-acre property sits just north of Northeast Philadelphia Airport. It is also near Roosevelt Boulevard and Woodhaven Road. In addition, it lies only four miles from I-95, giving tenants strong regional access.
*Article courtesy of Philadelphia Business Journal
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