By Joshua Burd
Eagle Cliff Real Estate Partners has acquired a 305,000-square-foot distribution center in Northeast Philadelphia, brokers with Binswanger announced recently.
The private real estate investment firm, which has offices in Summit and Manhattan, paid an undisclosed sum in the deal at 11350-11400 Norcom Road, which was fully occupied at the time of the sale and sits on 16.8 acres near key roadways such as Roosevelt Boulevard and interstates 95 and 276, according to a news release. Binswanger’s Chris Pennington and Tim Pennington, both senior vice presidents and partners, and Senior Vice President Matt Corrigan represented sellers 5601 Tulip LLC and Monarch Global Brands Inc.
“Binswanger’s Mid-Atlantic team was extremely happy with the result of this comprehensive marketing process,” Pennington said. “This sale illustrates a continuing market trend where Northeast Philadelphia industrial properties are highly sought after by institutional buyers looking to capitalize on mark-to-market opportunities in locations with excellent logistic capabilities, increasing rental values, and pent-up tenant demand.”
The deal is Eagle Cliff’s largest transaction of 2024 by square footage, Binswanger said, noting that it follows the firm’s purchase of a 192,000-square-foot industrial portfolio in Paterson. It’s also developing a 108,000-square-foot industrial facility in Holbrook, New York.
“Northeast Philadelphia is a dynamic and supply-constrained submarket,” said Peter Friedman, director of investments at Eagle Cliff Real Estate Partners. “11350-11400 Norcom Road benefits from a great location with immediate access to major roadways and a deep surrounding labor pool as well as highly functional physical characteristics. This investment is on theme with our broader infill industrial acquisition strategy, and we are excited to add the property to the portfolio.”
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