Newmark Facilitates $59 Million Sale & Financing of 6250 Baltimore Avenue in Delaware County, PA

October 22, 2024 12:00 PM

Newmark^[1] announces it has completed the $59 million sale and financing of 6250 Baltimore Avenue—a 450,000-square-foot industrial building located in Philadelphia, Pennsylvania. The 96% occupied asset traded from the seller, an affiliate of Velocity Venture Partners, to an undisclosed buyer. Newmark was the sole broker on the transaction, with Managing Director Ryan Guittare leading the team’s efforts.

“This transaction shows the demand for well-positioned industrial facilities with access to key transportation routes and proximity to major residential and commercial centers within the Greater Philadelphia marketplace,” said Guittare. “The property’s recent renovation and 96% occupancy underscore its appeal and stable income stream. We congratulate all parties on this transaction.”

6250 Baltimore Avenue is a small-bay in-fill industrial property in Delaware County, an in-demand submarket of Philadelphia with a high barrier to entry due to its low vacancy rates. The property offers a stabilized, cash-flowing, multi-tenant asset, a strategic advantage for investors given its proximity to the infrastructure and population bases of Philadelphia and Southern New Jersey.

According to Newmark Research, the industrial vacancy rate in Delaware County is just 5.6%, well below the Greater Philadelphia vacancy of 7.6%.

In addition to its desirable location, the property boasts a high-quality tenant roster including SEPTA, Peak Supply Solutions and Beacon Roofing Supply, and structural features such as 24-foot clear ceiling height, more than 80 loading docks, and truck court depth of 125 feet with secure outdoor storage space and trailer parking.

Newmark Executive Managing Director Jim Badolato and Associate Adam Rudman, of the firm’s Philadelphia-based Debt & Structured Finance group, secured acquisition financing on behalf of the buyer. Newmark Analyst John Cook provided support on the transaction.

[1] Dba Newmark Real Estate in Pennsylvania

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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