Ares Management has acquired a 65,582-square-foot warehouse at 13200 Townsend Road in Northeast Philadelphia for $10.2 million, according to property records. The Los Angeles-based investment firm purchased the property from Northbridge Partners, a Boston-based real estate firm.

Located in the Byberry East Industrial Park, just off Roosevelt Boulevard, the property has become part of a high-demand industrial corridor. The sale marks the third transaction in six years, with the asset trading slightly above its last sale price of $9.75 million in 2021.

The warehouse was originally sold in 2019 by Lannett Co. Inc. for $4.4 million to Abrams Realty, which later secured a lease with Amazon and sold the property at a significant gain two years later. Amazon fully occupied the building for a last-mile distribution center and now subleases the space, a situation unaffected by the ownership change.

Ares Management declined to comment on the acquisition or tenancy. The deal adds to Ares’ growing industrial presence in the region, following its $118.5 million purchase of a 14-building, 1-million-square-foot portfolio in South Jersey in 2023.

*Article courtesy of Philadelphia Business Journal

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