May 14, 2020 – JLL Capital Markets announced today that it has closed the $8.75 million sale of an 86,315-square-foot light industrial building in a high barriers-to-entry market in Philadelphia, Pennsylvania.
JLL marketed the property on behalf of the seller, The Hampshire Companies. Mountain Development Corp. purchased the asset.
The facility is situated on 5.7 acres at 3445-3535 S. Front St. in a last-mile distribution area in south Philadelphia adjacent to Interstate 95 and less than one mile from Interstate 76. The property has an active rail spur served by Conrail, CSX and Norfolk Southern. The building is also less than one mile from a CSX rail yard and 1.5 miles from the Philadelphia Navy Yard. The property features a rear load configuration, clear heights ranging from 18 to 44 feet, 14 loading docks and 10 percent office finish. The building is home to Ferguson Enterprises, the largest U.S. distributor of plumbing supplies.
The JLL Industrial Capital Markets team representing the seller was led by Senior Director Michael Oliver, Senior Managing Director Jose Cruz, Directors Jordan Avanzato and Marc Duval, Senior Managing Director John Plower and Senior Vice President Jenna Imperatore.
“The Mountain Development team did an incredible job closing on this transaction during a difficult time in the market,” Oliver said. “This shows you there are strong buyers for quality real estate and tenancy today”.