445,000-square-foot industrial property sells for $20 million

JLLhas completed the sale of 14400 McNulty Road in Philadelphia, Pennsylvania, for $20 million to Ivy Realty of Greenwich, CT.The 445,000-square-foot industrial facility was originally built as distribution for IKEA, and is currently occupied byJerith Manufacturing, LLC, an ASSA ABLOY Group company.The seller was Moondance Enterprises, L.P

This “Off-Market” transaction was led byBrad Boone, a Philadelphia based member of JLL’s Northeast Industrial Region and Urban Logistics team, as well as Brian McCurdy, formerly of JLL.

Drew Dewitt, Ivy Realty’s Chief Investment Officer, led the transaction on their behalf.

The property, also known as 12800 Townsend Road, is located within the Byberry East Industrial Park. Of the total 445,000 square feet, 419,000 square feet is warehouse space and 26,000 square feet is office space. The facility, which was built in 1988 and expanded in 1996, features 30-foot ceiling clear heights, a crossed-dock layout and two drive-in doors.

The property is ideally positioned in close proximity to major transit thoroughfares, including I-95, I–276 (PA Turnpike), and U.S. Route 1.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.