Best Real Estate Deals of 2021: Industrial Winners
Publisher: Philadelphia Business Journal
March 31, 2022
Day Pitney's Real Estate Team was recognized by the Philadelphia Business Journal with a first place win for "Best Industrial Deal Execution" for the firm's work on the King of Prussia Logistics Hub. The team, led by Real Estate Partner Jared Ross, provided legal counsel to Foxfield LLC for the acquisition, development, construction, environmental aspects, leasing and ultimate sale of the asset.
Day Pitney's work began in 2019 when Foxfield entered the Philadelphia market with the purchase of the former Johnson Matthey Inc. chemical plant at 900 River Road in Upper Merion. The company cleaned up the site and moved ahead with the development of a 331,525-square-foot distribution center on 29 acres on speculation. It secured a 10-year lease with Target Corp. while the structure was under construction. It sold the building for $115 million, or $346.88 a square foot. The project had a record lease rate and sale on a per-square-foot basis.
In addition to Ross, the team includes attorneys Amanda G. Gurren, Alan Ruiz, Ashley Membrino, Lauren Grillo and Harold M. Blinderman.
Day Pitney Real Estate Partner Craig M. Gianetti authored an article titled, "New Jersey's Outdated Sewer and Water Connection Fee Statute And Challenges to Municipal Calculations," for the New Jersey Builders Association's Dimensions Newsletter.