Innovation Center in Philly Navy Yard Sells for $61M,National News

CBRE recently arranged the sale of Axalta’s Global Innovation Center in Philadelphia’s Navy Yard. Apex Capital Investments, a U.S.-based real estate investment management firm and a subsidiary of Kuwaiti-based Dimah Capital, acquired the asset for $61.2 million.

A CBRE Capital Markets team of Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran marketed the 175,000-square-foot property on behalf of the seller, Liberty Property Trust. Additionally, CBRE Debt & Structured Finance team members Nick Harris and Steven Doherty financed the deal and secured the funding on behalf of the buyer.

“The Axalta transaction is a continuation of Liberty Property Trust’s phenomenal success in the Navy Yard,” said Fahey. “Axalta is another example of foreign capital pursuing best-in-class real estate investments in the life sciences sector. It was a pleasure to work with Dimah Capital, and we wish them well in the Philadelphia region and with this award-winning asset.”

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