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Newmark Facilitates $59M Sale of 450K-SF Industrial in Philadelphia
Newmark has completed the $59 million sale and financing of a 450,000-square-foot industrial building located in Philadelphia, Pennsylvania.
Located at 6250 Baltimore Avenue, the 96% occupied asset traded from the seller, an affiliate of Velocity Venture Partners, to an undisclosed buyer. Newmark was the sole broker on the transaction, with Managing Director Ryan Guittare leading the team’s efforts.
Newmark Executive Managing Director Jim Badolato and Associate Adam Rudman, of the firm’s Philadelphia-based Debt & Structured Finance group, secured acquisition financing on behalf of the buyer. Newmark Analyst John Cook provided support on the transaction.
“This transaction shows the demand for well-positioned industrial facilities with access to key transportation routes and proximity to major residential and commercial centers within the Greater Philadelphia marketplace,” said Guittare. 6250 Baltimore Avenue is a small-bay in-fill industrial property in Delaware County. Tenants include SEPTA, Peak Supply Solutions and Beacon Roofing Supply.
