800 Coopertown Road in Delanco — Courtesy: DH Property Holdings LLC
By Joshua Burd
DH Property Holdings LLC and DRA Advisors LLC have acquired a 273,000-square-foot industrial building in Burlington County for $30.5 million.
The firms, which are marking their first deal together, said the property at 800 Coopertown Road in Delanco was fully leased at closing but will have 100,000 square feet available within 12 months. DHPH is planning a major update of the facility in the meantime, noting that the building has strong Class B features such as 22-foot clear ceiling heights, 130-foot truck courts, a one-per-10,000-square-feet dock door ratio, 40- by 40-foot column spacing, ample auto and trailer parking and 3,000 amps of power.
NAI Mertz President Scott Mertz arranged the sale of the property, which DHPH and DRA acquired from Soho Studio Corp. Walker & Dunlop procured the financing.
“This acquisition represents a rare opportunity to secure a functional and well-located logistics asset with immediate scale and long-term upside at an attractive basis,” said Dov Hertz, founder of DH Property Holdings. “Strong preleasing momentum is a testament to the quality of the asset and the uptick in tenant demand we have been experiencing across the region.”
DHPH and DRA Advisors, which has more than $11 billion in assets under management, noted the 27-acre property sits near the Pennsylvania border. Users have easy access to the 1 million residents of Burlington and Camden counties and the 1.5 million residents of Philadelphia, while the site is 18 miles from Center City Philadelphia, 26 miles from Philadelphia International Airport and 70 miles from Port Newark-Elizabeth.
