Cabot Properties Picks Up $16M Philly-Area Warehouse
The roughly 174,000-square-foot warehouse is currently fully occupied by a single tenant and includes an urban infill site. The location allows for immediate access to three interstates.
By Tudor Scolca
444 E. North Lane
Cabot Properties has acquired a 174,400-square-foot warehouse facility in Conshohocken, Pa. The asset traded for $16.4 million. According to Yardi Matrix, the previous owner was Redbadge, a King of Prussia-based investment company.
The property is located at 444 E. North Lane and includes an urban infill location. The warehouse allows for immediate access to interstates 76, 476 and the Pennsylvania Turnpike. David’s Bridal currently occupies the entire warehouse under a long-term lease. Constructed in 1974, the building features 20-foot clear heights, 18 loading doors, insulated ceilings and HVAC units.
A JLL team comprised of Executive Vice Presidents John Plower and Chad Orcutt, Managing Director James Galbally, Senior Vice President Brett Grifo and Vice President Colin Behr arranged the transaction.
“The competitive advantages of 444 E. North Lane are clear, including a highly desirable urban infill location that is difficult and costly to replicate. Functional, infill product near a dense population is in high demand for industrial investors and JLL was excited to connect Cabot Properties with a facility that offered this advantage,” said Plower in a prepared statement.
The current transaction comes on the heels of a $1.4 billion deal in which Cabot Properties divested its Cabot Industrial Fund IV to Blackstone REIT. The purchase added approximately 22 million square feet of last-mile infill warehouse and distribution facilities to Blackstone’s holdings.
Image courtesy of Yardi Matrix
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