DH Property Holdings acquires Philadelphia industrial asset

DH Property Holdings, LLC, a leading developer and owner of urban fill industrial logistics facilities, has acquired 200 Pattison Avenue in Philadelphia, Pennsylvania for $24 million. The fully leased 96,000 square foot warehouse was previously owned by Ivy Realty. The transaction marks the sixth acquisition of Class B industrial infill assets by DHPH in the last six months under the new fund EIB Ventures I LP.

The Pattison Avenue property, located on 7.08 acres, includes 25,000 square feet of cold storage, 19,000 square feet of freezer storage, 16 loading docks, clear ceiling heights of 12 feet to 17 feet and additional features. 200 Pattison Avenue is fully occupied by tenants Preferred Meals, which has been a tenant for nearly 30 years, and Tristate Intermodal. Located in South Philadelphia, just minutes from downtown, the property offers convenient access to Philaport, I-95 and I-76.

This is the 4th acquisition of a Class B industrial building in Philadelphia for DHPH for a total capitalization of $49.2 million over 280,000 square feet of space. Under EIB Ventures I, DHPH has acquired six Class B industrial buildings in the Northeast since June 2021, for a total capitalization of $102.3 million over 548,000 square feet.

In addition to its existing properties, DHPH currently has over 5 million square feet, or over $2.5 billion, of Class A urban warehouses completed or under development throughout the Northeast, including New York, Boston and Philadelphia.

The Newmark team of Michael Margolis, Senior Managing Director; David Dolan, Senior Managing Director; J Eustace Wolfington III, Senior Managing Director, and Ryan Guittare, Managing Partner, represented DHPH and Ivy Realty in the transaction.

“The acquisition of 200 Pattison Avenue further expands and diversifies the company’s portfolio,” Hertz said. “The property is positioned to thrive as market demand for logistics space continues to grow, and it offers strong long-term value.”

Founded in 2016 by Dov Hertz, DHPH is a Manhattan-based industrial real estate development, investment and management firm that has led the industrial logistics trend, developing premier distribution warehouses in complex and challenging urban environments. The company developed 640 Columbia Street, the first multi-story logistics center in New York City.

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Alma M. Buchanan