Bryn Mawr-based Alliance HSP has acquired a warehouse near Philadelphia International Airport from the Philadelphia Housing Authority for $3.63 million, writes Jacob Adelman for The Philadelphia Inquirer.
The 40,900-square-foot industrial building is set on 3.8 acres of land. PHA was using the property to store equipment and vehicles used for maintenance of its apartment units.
“PHA sold the property in an ongoing effort to centralize operations to realize operational efficiencies, while Alliance continues to expand their industrial portfolio with this strategic acquisition,” said Les Haggett, a CBRE broker who worked on the deal.
Matt Handel, Alliance acquisition director, said that the investment group plans to market the newly purchased property to so-called “last mile” users who are looking for proximity to I-95 and the airport.
The term “last mile” is used for warehouses that are near large population centers and can be used for a final waypoint between distant factories and customers’ homes.
Alliance also owns the majority of the Frankford Arsenal complex in Bridesburg and the site at Fifth and Spring Garden Streets that is currently home to Yards Brewing and a Target store.
Read more about the sale at The Philadelphia Inquirer by clicking here
