Novaya Foxfield Industrial Completes Sale Of Two East Coast Industrial Assets For $142 Million In Final Days Of 2021
January 21, 2022 – Novaya Foxfield Industrial (“NFI”) brought in the New Year with the sale of two industrial warehouse buildings in Greater Philadelphia and Greater Atlanta. Together, the dispositions totaled $142,350,000 and 787,000 SF of space, capping a strong year for Novaya and Foxfield in which the operators disposed of $387 million in product alongside $129 million of acquisition activity.
900 River Road, King of Prussia, PA – On December 28, 2021, Novaya Foxfield Industrial sold the 331,525 SF Class A warehouse known as King of Prussia Logistics Hub. The sale was arranged by the CBRE National Partners Northeast team led by Brad Ruppel, Brian Fiumara, and Mike Hines.
NFI acquired the 29-acre site former pharmaceutical plant in late 2019 in joint venture with Drake Real Estate Partners. They completed demolition in 2020 and broke ground with general contractor ARCO National Construction in early 2021. NFI secured Target Corporation on a ten-year lease during construction. The trophy asset is well-positioned for last-mile distribution to the Philadelphia Metro Area and continues NFI’s track record of successful speculative development projects in the region.
1001 Cherry Drive, Braselton, GA – Novaya Foxfield Industrial successfully sold the 455,602 SF, two-tenant logistics center on December 21, 2021, marking the venture’s first round-trip investment in the Southeastern United States. The sale was brokered by the JLL Capital Markets team led by Dennis Mitchell, Matt Wirth, Britton Burdette.
The property was acquired in the fall of 2018 as NFI anticipated the growing strength of the Atlanta industrial market. NFI brought the building to market after successfully renewing TranSouth Logistics, the building’s flagship tenant on a ten-year lease.
Jeff Harper, Foxfield Principal, notes, “We are really proud of our team’s execution on these projects, especially King of Prussia Logistics Hub. This development required creativity, vision, and perseverance: our team delivered in spades with a fantastic home for Target’s Mixing Center, phenomenal returns for our investors, and an infill core investment for our buyers.”
About Foxfield Industrial
Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures, is a real estate operating company focused on the (re)development, acquisition and operation of industrial properties throughout the Mid-Atlantic and the Southeast United States. The partnership aims to provide compelling, absolute investment returns while maintaining a margin of safety.
Learn more at Foxfieldindustrial.com or follow Foxfield on Instagram: @foxfieldindustrial or LinkedIn
About Novaya
Novaya Real Estate Ventures (www.novayaventures.com) was founded in 2011 and is led by Jim Alden, Peter Carbone, Jeff Theobald, Scott Tully, and Shawn Hawthorne. To date, Novaya has transacted on nearly 10 million square feet of industrial, flex, office, residential and urban retail product with gross asset value in excess of $1B in partnership with several of the premier institutional and family office investors worldwide.
Learn more at NovayaVentures.com or follow Novaya on LinkedIn
For more information, please contact Forrest Cobble by phone (720-353-8154) or email (fcobble@novayaventures.com).