PHILADELPHIA, PA - Triten Real Estate Partners, leading national real estate investment, development, and operating firm with a focus on industrial and IOS properties, continues to strengthen its industrial portfolio with the acquisition of 2625 & 2651 Wheatsheaf Lane, a 57,800-square-foot warehouse positioned on 6.85 usable acres in the Kensington submarket of Philadelphia.
The property represents Triten’s first acquisition in Pennsylvania and a continuation of the firm’s strengthening position in Mid-Atlantic markets. Danny Coffman, Principal at Triten Real Estate Partners, sourced the property off-market through a standing relationship with Binswanger who represented the seller, Ellis Property Development.
“The site’s immediate access to I-95 and proximity to the Tioga Terminal represent an ideal location to be at in the Philadelphia market,” Coffman said. “The layout and cross functionality of the property to act as a warehouse, terminal, or maintenance facility and truck wash also provides the unique ability to continue operating as a multi-tenant site or leasing to a single tenant in the future.”
Coming off the heels of Triten’s recent acquisition of a 10-acre outdoor storage yard located at 2150 Northbridge Avenue in Baltimore City, this deal displays Triten’s growing presence and strong confidence in Mid-Atlantic markets including the Baltimore/Washington Corridor and Philadelphia. Currently, Triten owns and operates five IOS facilities in the Mid-Atlantic totaling 45 acres.
“We are pleased with the prospect of this recent acquisition and view it as the perfect opportunity for us to enter a new market with an attractive going-in yield, credit tenants and a highly functional site located in a prime IOS pocket,” said Scott Arnoldy, Founder of Triten. “Philadelphia’s industrial market no doubt continues to prove its resilience thanks to a storied in-fill inventory and irreplaceable location along the I-95 corridor.”
Triten's total portfolio stretches across 11 tier-one markets in the U.S. with over 50 sites in the company’s IOS portfolio. For more information on Triten's Industrial Outdoor Storage initiatives and portfolio, visit www.tritenre.com.