Prologis Buys Lot Near Philadelphia Airport for $45 Million
[Stay on top of transportation news: Get TTNews in your inbox.]
PHILADELPHIA — A popular parking lot near Philadelphia International Airport has been snapped up for $45 million by Prologis, a real estate giant that specializes in leasing space to retail, e-commerce and logistics businesses, according to the firm that brokered the deal.
What caught the San Francisco-based company’s eye is a nearly 19-acre property, long used by travelers who stowed their cars at the PreFlight lot. Owned by a subsidiary of InterPark — a Chicago-based company that operates nearly a dozen parking facilities in Philadelphia — the PreFlight lot closed to the public last month.
“The pandemic really accelerated this trend of last-mile, logistics-focused industrial real estate,” said Ryan Guittare, with commercial real estate firm Newmark, which represented InterPark in the sale. “Everyone is focused on shortening the time of getting products to consumers.”
The entrance to the PreFlight long-term parking lot on Island Avenue near Philadelphia International Airport. The lot closed last month and the property has been 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 either owned or had invested in nearly 1 billion square feet of real estate in 19 countries. The company said its top customers include Amazon, Home Depot, FedEx, UPS and DHL.
Prologis did not immediately provide comment. InterPark did not return a request for comment.
A 271,000-square-foot facility sits on the parcel. In marketing materials, Newmark highlighted the property’s proximity to the airport, Center City and PhilaPort, its easy access to highways, and the 49 million people located within a 200-mile radius.
In June, the airport announced a major initiative to expand cargo facilities over the next five to 10 years. News of those plans “tied in really well with our sales process,” Guittare said.
Want more news? Listen to today's daily briefing below or go here for more info:
