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Cushman & Wakefield Arranges Purchase Financing for Philadelphia Industrial Asset
Cushman & Wakefield's Equity Debt & Structured Finance (EDSF) group has arranged approximately $13.1 million in purchase financing for Ivy Realty's acquisition of 11200 Roosevelt Blvd. in Philadelphia. The 452,375-square-foot industrial asset will undergo a full rebranding under its new ownership.
EDSF team members John Alascio, Sridhar Vankayala and Zachary Kraft headed the financing assignment on behalf of Ivy Realty, ultimately securing Reinsurance Group of America, Inc. (RGA) as the lender.
"Ivy Realty capitalized on a value-add opportunity in a thriving submarket," Alascio noted. "Sustained high demand for industrial product in the Greater Philadelphia/Lower Bucks County region, coupled with our client's institutional pedigree and track record for successful repositioning projects, led to a competitive marketing process and, ultimately, an excellent execution by RGA."
The fully leased, multi-tenant 11200 Roosevelt Blvd. currently serves as home to the Philadelphia Charter School and a mix of industrial users. Ivy Realty will infuse $3 million in capital improvements to address deferred maintenance issues - including site work, roofing, painting, and system upgrades - and roll out general enhancements as part of the property's rebranding as Roosevelt Industrial Center.
"11200 Roosevelt is located in a great area - just off Route 1 and adjacent to a shopping center," Kraft noted. "Ivy Realty will take advantage of existing North and South entrances to distinguish the campus' educational and industrial components. In the firm's signature style, new signage, landscaping and other improvements will serve to elevate this property's image and competitive positioning."
Founded in 1996, Ivy Realty is a Greenwich, CT-based real estate investment, development and management company and has acquired more than $1.5 billion in assets and currently has a portfolio exceeding six million square feet of office, industrial and retail properties. Ivy invests on behalf of institutional, discretionary funds in value-added investments in the Northeast U.S., Southeast Florida and Colorado. For more information, visit www.ivy-realty.com.
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.