DH Property Obtains $77M Refi for Philadelphia Logistics Center
Walker & Dunlop arranged the loan for the newly built last-mile facility.
9801 Blue Grass Road. Image courtesy of Walker & Dunlop
Walker & Dunlop has completed the $76.8 million refinancing of 9801 Blue Grass Road, a newly constructed 282,737-square-foot last-mile logistics facility in Philadelphia.
Walker & Dunlop represented the building’s developer and owner, DH Property Holdings. Funding was provided by Invesco Real Estate and Webster Bank.
9801 Blue Grass Road was constructed on a 22.3-acre lot, home to a former baked goods manufacturer. The building’s construction is subject to a $62 million loan, according to CommercialEdge data.
The Class A build-to-suit facility is fully occupied by TJX as part of a triple net lease. The property’s features include 36-foot and 53-foot clear heights, as well as 141 grade-level car and trailer parking spaces, CommercialEdge data shows.
Situated adjacent to Roosevelt Boulevard, the facility is within 15 miles of downtown Philadelphia, with quick shipping and delivery access to the entire Philadelphia metropolitan area. Additionally, it is connected to the I-95 and I-76 highways, placing it within a day’s drive of the entire U.S. Mid-Atlantic region.
Philadelphia’s industrial sector pulls ahead
Philadelphia remains a leading market for industrial development and investment, with 11.8 million square feet of space in its construction pipeline, and $1.3 billion in sales transactions, according to a July 2022 report from Yardi Matrix. Demand for industrial and logistics space continues to outpace supply, with the city having a vacancy rate of 5.8 percent, data from the same report shows. Another industrial undertaking in the Philadelphia area is the redevelopment of The Bellweather District, a 15 million-square-foot mixed-use industrial park in the city’s South Philadelphia district.
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The Walker & Dunlop team was led by Senior Managing Directors Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Ianno.
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