Wharton Industrial Partners has sold an Amazon warehouse in
Philadelphia.
CBRE brokered the sale of SoPhi Logistics Center, a 283,500 s/f
last mile industrial facility located at 2400 Weccacoe Avenue. The National Partners’
team comprised of Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki.
Wharton acquired the asset for $16.75 million in September
2019 and, along with their capital partner, an affiliate of Walton Street
Capital, invested in a repositioning to transform the former production
facility into a state-of-the-art urban logistics facility. CBRE subsequently
brokered a lease to Amazon for the entire facility.
“We were really pleased with the execution of the entire
CBRE team on this transaction from acquisition, leasing to sale,” noted Peter
C. Lewis, President of Wharton Industrial. “Many others in the market passed on
this opportunity, but we always believed that, with the proper execution, we
could do something special here given the uniqueness of the asset in satisfying
the burgeoning demand for last mile properties.”
Originally built in 1970, the facility has been retrofitted
and converted for many different uses over the last few decades, having once
served as the home to Hyundai Rotem, a South Korean company that vacated the
property in 2018.
SoPhi Logistics Center is located near the Port of
Philadelphia, Philadelphia International Airport, Interstates 95, 295 and 76
and just three miles from Philadelphia City Hall.
CBRE declined to name the buyer or the sale price.
