Thor Equities Buys Amazon-Anchored, Last-Mile Portfolio in Philly
By Cathy Cunningham August 10, 2021 5:11 pmreprints
Thor Equities has acquired five industrial properties in Philadelphia, known as the Northeast Philadelphia Last Mile Transportation Portfolio, Commercial Observer has learned.
The portfolio — anchored by Amazon and 100 percent leased to other top tenants, including FreshDirect and H&M Intermodal Services — comprises 118,500 square feet and spans 16 acres.
The portfolio traded for $27.5 million, sources told CO, and was marketed by JLL. Financing details couldn’t immediately be gleaned.
“The Northeast Philadelphia Transportation Portfolio acquisition marks an important step in the development of our global logistics platform and illustrates our dedication to building a first-class portfolio of high-quality, well-located industrial assets,” said Jack Sitt, executive vice president of Thor Equities.
The assets sit in a prime location within Philadelphia’s highly sought-after industrial market — close to I-95 and the Betsy Ross Bridge, and less than two miles from the Port of Philadelphia. With demand for last-mile space only skyrocketing as delivery times continue to be expedited and the pandemic rages on, the portfolio’s location allows for speedy delivery to 2 million consumers “within minutes,” per information from Thor.
No stranger to the industrial sector, Thor has been busy upping its game in the U.S. as well as overseas throughout the pandemic.
In April, it closed on its first industrial real estate acquisition on the West Coast — a 196,300-square-foot warehouse in Los Angeles’ South Bay region — in a sale-leaseback deal with textile manufacturer Texollini.
In New York, Thor closed a full recapitalization of its warehouse property at 280 Richards Street in Red Hook, Brooklyn, in February. The deal included $155 million in joint venture equity, plus $76 million in construction financing for the project, which is also 100 percent pre-leased to Amazon.
And, across the pond, Thor sold a 2.2 million-square-foot industrial portfolio in the U.K. to BentallGreenOak in January, and added 17 assets in Spain and France to its portfolio.