Sunday, March 19, 2006

TJX Distribution Center in Philadelphia Sells for $90 Million - March 14, 2006

Capital Lease Funding Inc. has acquired the approximately one-million-sf warehouse distribution center at 2760 Red Lion Rd. to for just over $90.1 million, or about $89 per sf. Seller Malvern-based Liberty Property Trust, which developed the property as a build-to-suit for the TJX Companies, Inc. in 2001, obtained a return of more than $41 million.

The building is fully leased to TJX Companies, Inc. (rated A/A3 by S&P/Moody's) through June 2021. The facility, which was completed in 2001, is a strategically important one to TJX Companies, Inc. as it serves as the sole tri-state distribution facility for its Marshalls stores. CapLease financed the acquisition at closing with a $71.7 million 10-year mortgage note to Wachovia Bank at a 5.57% coupon rate. The rent increases moderately for the first three years and is flat for the remaining 12 years. Sphere: Related Content

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