Newmark Grubb Knight Frank (NGKF) is pleased to announce that Senior Managing Director Eustace Wolfington and Director Chris Kutzler have recently closed two industrial sales transactions totaling more than $7 million near the Philadelphia International Airport.
The Philadelphia International Airport area draws the attention of many distribution businesses because of its close proximity to Center City Philadelphia, Delaware, and Southern New Jersey, as well as major highways (I-95, I-76, I- 476) and the Philadelphia International Airport for shipping and receiving goods. This location was a perfect fit for the two businesses that purchased 7625 Suffolk Avenue, a 104,000-square-foot warehouse that sold for $3.475 million and the 84,471-square-foot warehouse sold at 3601 Island Avenue for $3.4 million.
Wolfington and Kutzler represented the buyer Powers Court Partners LLC with the purchase of 7625 Suffolk Avenue. The building was purchased for a Class A East Coast food “dinner kit” processing and distribution facility.
The same NGKF industrial team of Wolfington and Kutzler represented the seller Pennock Company at 3601 Island Avenue, where they sold the 84,471-square-foot building to Sixt Rent A Car for $3.4 million. Sixt is a high-end car rental organization that has locations at many major airports and popular tourist destinations across the U.S. With this acquisition, the company plans to open its first Philadelphia location. The proximity to the airport and numerous tourist attractions, as well as the large parking capacity, made this building an ideal location for Sixt.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and 2 - 2 - 2 June 2, 2015 NGKF Completes Two Industrial Deals over $7 Million corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.