PHILADELPHIA — The fine print: DP Partners buys Logan distribution center
Here are some recent deals that have me noticing that leasing and sales are starting to pick up:
DP Partners bought a 259,910-square-foot distribution center on 14 acres in LogistiCenter in Logan, N.J. DP already has a significant stake in the LogistiCenter, where it owns 400 acres and constructed five buildings totaling 1.5 million square feet since 2005. It bought this vacant distribution center 1109 Commerce Blvd. from Lexington Realty Trust for an undisclosed amount and has renamed it Commerce Corner. It was constructed in 1998 and used to be occupied by Linens N Things. Roddy Inc. represented the seller. DP will likely construct a new building on nearly 10 acres that it also bought. That land can handle up to 470,000 square feet …
Montrose apartments, a complex at 4627-29 Baltimore Ave. in Philadelphia sold for $1.4 million. The building consists of 15 apartments and four commercial spaces. The buyer was a suburban investor going under the name 4627-29 Baltimore Ave. LLC is making its first Philadelphia purchase. The seller was Drexel Properties LLC, an owner of other properties in the University City area. Mallin Panchelli Nadel arranged the sale …
Trying to keep up with its growth, National Delivery Systems grabbed another 45,000 square feet of warehouse space at Korman’s Interstate Business Park in Bellmawr, N.J. The company already leased 40,000 square feet there. National Delivery started out in 2001 in 3,000 square feet serving the Baltimore-Washington area and now occupies a total of 360,000 square feet and serves the mid-Atlantic states. Colliers International and Jackson Cross Partners arranged the lease…
Ecoval Dairy Trade Inc., a global dairy trading company, signed a 5,000 square-foot lease at Devon Square at 724-744 Lancaster Avenue in Devon. And Keller Williams Realty leased two separate suites at Devon Square totaling 8,244 square feet. Keystone Property Group of Bala Cynwyd owns the two-building complex … The former headquarters for Ritter Inc., an advertising firm, is up for sale. The 22,284-square-foot property at 651 Park Ave. in King of Prussia has an asking price of $3.97 million. Lieberman Earley & Co. are marketing the property for sale.
Natalie Kostelni, Reporter
Philadelphia Business Journal
