Industrial

The project went to market in the third quarter during an "extremely" hot environment and the seller was chosen in the fourth quarter.

"We'll have to make difficult decisions on city spending, the likes of which have never before been needed," Philadelphia Mayor Jim Kenney said.

The property at 747 Mill Park Drive is net-leased for 10 years to Magna Seating of America, Inc., a division of Magna International.

"It will take several years for vacancy rates to fall back to their pre-crisis levels."

While every asset class has exposure to the economic impacts of the pandemic, CapRock Partners says industrial will be the most resilient asset class in the current crisis.

The COVID-19 global pandemic continues to cause mass commercial real estate vacancies throughout the US. Many buildings were ordered closed with limited…

Inventories will be 5 to 10% higher when the crisis is over, which will cause the growth rate to change or perhaps double in four to five years, and the lessons learned will lead to more manufacturing in the Americas.

The quality of Addison II and its strong tenancy were key factors in this acquisition, in addition to the property's location, which is suitable for users seeking a combination of office and production space.