A fully leased, multitenant industrial property in Hampden Township has been sold to a Boston-based private equity investment firm for $6.6 million, according to Jones Lang LaSalle’s Philadelphia Capital Markets Group.
Cabot Properties, a leading investor, developer and operator of industrial properties throughout North America and the United Kingdom, acquired 270 Silver Spring Road on Dec. 28.
The property was on the market for about a month, said John Plower, senior vice president for JLL Philadelphia. Cabot purchased the building from DCT Industrial, a Denver-based real estate investment trust.
The 104,000-square-foot property has three tenants — Peak Candle Supplies, List Industries Inc.’s Hallowell division and Store Supply Warehouse.
“The thesis behind the acquisition from the buyer is that those spaces, as more big (industrial sites) get built, you have the ability to push rent in smaller spaces,” Plower said.
Much of the new industrial space coming online today is 500,000 square feet or more. The smaller tenant spaces and infill locations in established markets are often underserved, he said.
DCT Industrial, which trades its shares on the New York Stock Exchange under the ticker symbol DCT, maintains other midstate properties, according to its website.
Jones Lang LaSalle shares trade on the NYSE under the ticker symbol JLL.