Newmark, a leading real estate brokerage firm, has successfully closed the sale and financing of a 450,000-square-foot industrial building in Philadelphia, Pennsylvania for $59 million.
The property is located at 6250 Baltimore Avenue and currently has an occupancy rate of 96%. The seller was an affiliate of Velocity Venture Partners while the buyer remains undisclosed. Newmark acted as the sole broker on this transaction with Managing Director Ryan Guittare heading up their team.
In addition to facilitating the sale, Newmark’s Executive Managing Director Jim Badolato and Associate Adam Rudman from their Debt & Structured Finance group secured acquisition financing for the buyer. John Cook also provided support on this deal as an analyst for Newmark.
According to Guittare, this successful transaction highlights the high demand for strategically located industrial properties with easy access to major transportation routes and close proximity to both residential and commercial centers within Greater Philadelphia. The property at 6250 Baltimore Avenue is a small-bay industrial facility in Delaware County that boasts tenants such as SEPTA (Southeastern Pennsylvania Transportation Authority), Peak Supply Solutions,and Beacon Roofing Supply.
