PCCP Acquires 518 KSF Facility for $58M
PCCP has acquired Hamburg Logistics Center, a 518,140-square-foot warehouse and distribution facility in Hamburg, Penn., a Philadelphia submarket. The company paid $57.5 million for the asset and took out a $46.4 million loan from Heitman Capital Management, with a maturity date set for 2027, according to public records.
A joint venture between Transwestern Development Co. and QuadReal Property Group sold the facility. JLL Capital Markets brokered the deal on behalf of the seller and arranged the acquisition financing.
The cross-dock facility came online in 2021 and was vacant at the time of sale. The building has 40-foot clear heights, 100 dock-high loading doors, four drive-in doors, 294 car parking spaces, 126 trailer stalls and 185-foot truck courts. The Class A warehouse also has 60-foot speed bays and about 2,740 square feet of office space.
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Located at 3501 Mountain Road, the 64-acre property provides direct access to Interstate 78 and is some 89 miles from downtown Philadelphia. Newark International Airport and the Port of New Jersey and New York are some 116 miles away.
JLL Investment Sales and Advisory team comprised Senior Managing Director John Plower, Director Ryan Cottone and Associate Zach Maguire, alongside Vice Chairs Jeff Lockard and Paul Torosian. Senior Managing Directors Chad Orcutt, Jon Mikula and Jim Cadranell arranged the acquisition financing.
Philadelphia’s recent industrial transactions
Philadelphia registered $277 million in industrial transaction volume year-to-date as of July, according to the latest CommercialEdge report. Assets in the metro changed hands for $107 per square foot on average, below the $135 national figure. Additionally, the metro’s vacancy rate clocked in at 5.2 percent.
In August, Link Logistics sold 240 Mantua Grove Road, a 652,411-square-foot industrial facility in West Deptford, N.J. The property traded for $90.8 million—or $139.18 per square foot—CommercialEdge information shows. KKR acquired the asset with help from a $46 million loan originated by Global Atlantic Financial Group.
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