Alliance HSP, which owns much of the Frankford Arsenal complex in Bridesburg, has acquired a warehouse near Philadelphia International Airport from the city’s housing authority.
The Bryn Mawr-based investment group bought the 40,900-square-foot industrial building on 3.8 acres of land at 3440 Bartram Ave. from the Philadelphia Housing Authority for $3.63 million, commercial real estate firm said in a release on Thursday.
PHA, which had owned the property since 1990, stored equipment and vehicles there that it used to maintain its apartment units.
Matt Handel, Alliance’s acquisitions director, said his company plans to market the property to “ ‘last mile’ industrial users” seeking proximity to I-95 and the airport. The term “last mile” generally describes warehouses close to population centers that serve as final way points between far-off factories and customers’ homes.
In addition to its six-building, 208,000-square-foot section of the Arsenal property, Alliance owns the site at Fifth and Spring Garden Streets that is now home to Yards Brewing Co. and a Target store.
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