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PHILADELPHIA – Popular parking lot near Philadelphia International Airport bought for $ 45 million by Prologis, a real estate giant specializing in leasing space to retail, e-commerce and logistics businesses , according to the company that negotiated the agreement.
What caught the attention of the San Francisco-based company is the nearly 19-acre property, long used by travelers who have parked their cars on the PreFlight lot. Owned by a subsidiary of InterPark – a Chicago-based company that operates nearly a dozen parking lots in Philadelphia – the PreFlight lot was closed to the public last month.
“The pandemic has really accelerated this trend of last mile, logistics-driven industrial real estate,” said Ryan Guittare, with commercial real estate firm Newmark, who represented InterPark in the sale. “Everyone is working to shorten the time it takes to get products to consumers. “
Entrance to the PreFlight long-term parking lot on Island Avenue near the Philadelphia International Airport. The lot closed last month and the property was acquired by Prologis. (Tom Gralish / Philadelphia Enquirer / Tribune News Service)
Prologis acquired Philadelphia developer Liberty Property Trust, and with it more than 500 industrial sites, in a $ 13 billion transaction that closed last year. As of June, Prologis owned or had invested in nearly one billion square feet of real estate in 19 countries. The company said its main customers are Amazon, Home Depot, FedEx, UPS, and DHL.
Prologis did not immediately comment. InterPark did not return a request for comment.
A 271,000 square foot facility is located on the plot. In marketing materials, Newmark highlighted the property’s proximity to the airport, downtown and PhilaPort, its easy access to freeways, and the 49 million people within a 200 mile radius.
In June, the airport announced a major initiative to expand cargo facilities over the next five to ten years. News of these plans “tied very well to our sales process,” Guittare said.
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