Innovation Center in Philly Navy Yard Sells for $61M
CBRE recently arranged the sale of Axalta’s Global Innovation Center in Philadelphia’s Navy Yard. Apex Capital Investments, a U.S.-based real estate investment management firm and a subsidiary of Kuwaiti-based Dimah Capital, acquired the asset for $61.2 million.
A CBRE Capital Markets team of Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran marketed the 175,000-square-foot property on behalf of the seller, Liberty Property Trust. Additionally, CBRE Debt & Structured Finance team members Nick Harris and Steven Doherty financed the deal and secured the funding on behalf of the buyer.
“The Axalta transaction is a continuation of Liberty Property Trust’s phenomenal success in the Navy Yard,” said Fahey. “Axalta is another example of foreign capital pursuing best-in-class real estate investments in the life sciences sector. It was a pleasure to work with Dimah Capital, and we wish them well in the Philadelphia region and with this award-winning asset.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).