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Blackstone firm buys New Castle warehouses for $28M

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Blackstone Link Logistics Boulden Interchange Park New Castle Delaware

Link Logistics, a Blackstone-owned real estate firm, acquired 7 Boulden Circle in a December deal to expand its Delaware portfolio. | DBT PHOTO BY JACOB OWENS

NEW CASTLE – National industrial real estate investment and development firm Link Logistics recently acquired three warehouses in the Boulden Interchange Park for more than $28.2 million, according to county land records.

Link, a real estate owner and operator founded and backed by private New York-based investment firm giant Blackstone, already has at least one holding in Delaware at the Pencader Corporate Center in Glasgow. It has now added 2, 7 and 11 Boulden Circle in the industrial park just south of the Delaware Memorial Bridge.

The warehouses were acquired from New York-based investment firm Treeview Real Estate Advisors LP in a Dec. 16 sale. Leading the trio of sales was the more than $13 million sale of 11 Boulden Circle, a 127,700-square-foot Class B multi-tenant building. That sale translates to a cost of more than $101 per square foot.

“These investments represent our commitment to acquiring high-quality assets in key East Coast distribution markets as we expand our footprint in last-mile locations in major population centers,” Glenn Wylie, East Region managing director for Link, told the Delaware Business Times in a statement.

The three industrial buildings only have a small handful of tenants remaining, including Hygiena, a microbial testing company that works with the food and beverage industry, among others.

 Notably, the largest warehouse at 11 Boulden Circle will soon be losing a major tenant when ChristianaCare moves its logistics operations to a new site at the Pencader Corporate Center. With the resources of a national outfit like Link and the proximity to Interstate 95, 295 and U.S. Route 13 though, the spaces could attract new interest.

The investments by Link are just the latest example of national and regional firms turning their attention to New Castle County for the industrial market as the greater Philadelphia region as a whole tightens. The New Castle County market “had a particularly strong 2021 with 5 million square feet of positive absorption as institutional investors and major e-commerce companies sought to capitalize on more build-to-suit opportunities and lower rents,” according to a year-end industrial real estate report from brokerage CBRE.

In its first property here, Dermody Properties, of Nevada, developed Delaware’s largest building at the Amazon Boxwood plant last year and is now building more warehouses near Middletown. In October, Chicago-based Logistics Property Company bought the planned more than 1 million-square-foot logistics park known as First State Logistics near Glasgow.

Stoltz Real Estate Partners of Pennsylvania has likewise come down to the Bear area and developed a more than 1 million-square-foot warehouse for Amazon, and plans to soon build two more sizable facilities.

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