DH Property Holdings, LLC, a leading developer and owner of urban infill industrial logistics facilities, secured $76.8 million in financing from Invesco Real Estate and Webster Bank to retire its $59 million construction loan for its newly completed industrial development at 9801 Bluegrass Road in Philadelphia, Pennsylvania.
The new facility, fully leased to TJX Companies, is 54 foot clear with the structural capacity to load the entire clearstory. The building features modern accommodations, including ESFR sprinkler systems, LED lighting, and ample dock loading as well as above market standards car and trailer parking. The property is situated in close proximity to Route 1 and also offers direct access to Interstate 95 and the Pennsylvania Turnpike.
After executing a lease for the entire property with TJX in October of 2020, DHPH’s team began the demolition of a 388,000-square foot Class C warehouse in order to develop a new, state-of-the-art 282,736-square-foot logistics facility. The firm previously landed a $59 million construction loan from PCCP for the redevelopment of the site in the Spring of 2021.
DHPH has a total capitalization of over $600 million across 2.25 million feet of space in Philadelphia. In addition to its existing properties, DHPH currently has over $2.5 billion under management, across more than 5 million square feet of Class-A urban warehouses complete or under development throughout the Northeast, including in New York City, Boston, New Jersey and Philadelphia.
“There is powerful demand for a modern logistics facility in the Philadelphia market, and we are pleased to deliver this exciting project to market,” said Hertz. “The property will provide long-term value as tenants continue to seek ideally located logistics space in this supply-constrained market.”
Walker & Dunlop’s Aaron Appel, Jonathan Schwartz, Keith Kurland and Adam Schwartz arranged the transaction.
Founded in 2016 by Dov Hertz, DHPH is a Manhattan-based industrial real estate development, investment and management firm that has been at the forefront of the industrial logistics trend, developing best-in-class distribution warehouses in complex and challenging urban environments. The company developed 640 Columbia Street, the first multi-story logistics center in New York City.
