DH Property Holdings LLC (DHPH), a vertically integrated owner, developer and operator of urban infill industrial facilities has signed multiple deals totaling nearly $50 million.
The New York-based company has acquired 22 & 84 Flood Gate Road in Logan Township, N.J., for $21 million. The 108.33-acre site includes 126,500 square feet of industrial warehouse space in two buildings, as well as 28.4 improved acres for industrial outdoor storage (IOS). The site is 100%, triple-net leased.
Scott Mertz, president of NAI Mertz, represented DHPH in the transaction with the seller, who has owned the property since 1985. This transaction is DH Property Holdings’ seventh acquisition in Southern New Jersey over the past three years.
“This was a rare opportunity to acquire a mission-critical IOS facility occupied by an investment-grade tenant with significant long-term upside potential,” said DHPH President Dov Hertz. “The tenant has made significant capital investments, confirming its long-term commitment to the location.”
The company has also acquired 850 Davisville Road in Willow Grove, in Montgomery County, Pa., for $5.225 million in an off-market transaction. The 5.55-acre site includes a 36,597-square-foot warehouse and an additional 1.16 rentable acres for IOS. The property features four dock doors, 10 oversized drive-in doors (1/2,614 SF), 18′ clear heights, a 75′ building depth, and 81 parking spaces.
The warehouse property is 100% percent leased to six tenants ranging from approximately 3,700 square feet to 14,250 square feet in the warehouse, with an additional two existing IOS tenants. Mertz represented DHPH in the acquisition of the family-owned property.
DHPH and DRA Advisors have acquired a total of 133,000 square feet of industrial logistics space in two separate facilities for a total of $16.5 million. These acquisitions mark DHPH’s second and third transactions with DRA Advisors.
85 Astor Avenue is a 67,000-square-foot industrial warehouse in Norwood, Mass., which sold for $10.3 million. 6 Willow Road, a 66,000-square-foot warehouse on a 5.93-acre site, in Ayer, Mass., sold for $6.55 million. It offers nine dock-high doors, two drive-in doors, a 280-foot building depth, and clear heights of 22 feet. 85 Astor Avenue also features 74 on-site parking spaces, truck court depths ranging from approximately 90 to 125 feet, 2,000 amps of power, and a half-acre of paved outdoor storage. The property was delivered vacant, providing immediate opportunity for repositioning and leasing to strong market demand. Ovar Osvold, executive vice president with Colliers, represented DHPH in the acquisition of the family-owned property from Howland Realty Trust.
6 Willow Road was delivered fully vacant, providing immediate opportunity for leasing upside in a highly constrained market. The building features 10 dock-high doors, 1 van-high door, 1 drive-in door, clear heights of 16–22 feet, a 150-foot warehouse depth, and a truck court of 100 feet to 120 feet. Rob McGarry, vice president, and Brandon Meeks, associate with O’Brien Commercial Properties Inc., represented DHPH in the acquisition from KM Tire, a former tire distributor based in the Northeast.
DHPH and DRA Advisors also have acquired 950 Township Line Road, a 3.5-acre site with 63,080 square feet of industrial space in two buildings in Chester, Pa., for $6.5 million.
The property, which includes a 40,080-square-foot warehouse and a 15,000-square-foot service facility, is fully leased to three tenants with units ranging from 7,500 to 25,000 square feet of space. The warehouse property offers nine loading docks and one drive-in door; truck court depth of 155 feet; building depth of 65 feet and 16-foot clear heights. The service facility offers two drive-in loading docks and 20-foot clear heights.
The property was acquired in an off-market transaction from a long-term family owner who was represented by Steve Italiano, president of Italiano Commercial Real Estate Services LLC.
