JLL Capital Markets announced today that it has closed the $21.3 million sale of a newly redeveloped 149,180-square-foot last-mile distribution warehouse fully leased to a major, national e-commerce tenant at 6300 Bristol Pike in the suburban Philadelphia community of Levittown, Pennsylvania.
JLL marketed the property on behalf of the seller, Alliance HP. A publicity traded REIT purchased the asset.
The existing warehouse facility is situated on a 9.9-acre parcel in an irreplaceable infill location that provides a deep labor pool with immediate access to Interstates 95, 476 and 276 (Pennsylvania Turnpike). This mission-critical logistics location provides the tenant access to nearly two million people within a 30-minute drive time.
Originally constructed in 1963, 6300 Bristol Pike underwent a multi-million-dollar renovation between 2018 and 2019 to upgrade functionality. The renovated facility features new exterior panels, new HVAC equipment, new car and trailer parking, expansion of vacant land for conversion to additional car and van parking, new LED lights and a new roof, to name a few.
As consumers shifted to online shopping during COVID-19-related lockdowns, the demand for modern warehouse space in suburban Philadelphia in 2020. JLL Research detailed in its Eastern and Central Pennsylvania Industrial Insight – Q4 2020 report that the Suburban Philadelphia Industrial submarket – where 6300 Brisol Pike is located – has a vacancy of three percent, which is significantly lower than the 5.1 percent total vacancy for the Eastern and Central Pennsylvania Industrial market.
The JLL Capital Markets team representing the seller was led by Senior Managing Director John Plower, Director Ryan Cottone, Managing Director Larry Maister and Executive Vice President Jeff Lockard.
“This property is uniquely positioned within the highly regarded Bucks County submarket,” Plower said. “The asset provides great, in-place cash flow from a credit e-commerce tenant that will be servicing the heavy concentration of population in the nearby area. The combination of the strong in-place cash flow and irreplaceable, forever location makes this a great investment for both the near term and future.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.