A New York real estate firm bought a truck terminal in Philadelphia for $3.5 million, marking the company’s first acquisition in the city as it plans to quickly expand its industrial holdings here.
Imperium Capital’s IG Logistics bought 3200 S. 70th St., a four-acre property that had been owned and used by XTL Inc., a transportation company that continues to lease the site.
Nearly five years ago, Imperium, which has accumulated a portfolio of retail, office and apartment properties, branched out into buying industrial real estate and established its IG Logistics division to pursue deals. Outdoor storage and transportation-related properties located in urban markets with a high barrier to entry, where e-commerce is driving demand for industrial and last-mile real estate, is of particular focus.
The firm wants to buy more than $250 million of that property type in markets across the country including Philadelphia, Denver, Dallas, Savannah, South Florida, Central Florida, Nashville, Phoenix and the Baltimore-Washington area.
“Our bet is on e-commerce and infill land that are irreplaceable and crucial to supply chain,” said Sam Schneider, managing partner at Imperium, which he formed a decade ago with Daniel Glaser.
*Article courtesy of Philadelphia Business Journal
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