About the Property

In December 2019, Alliance acquired this 148,000-square-foot, class B industrial building in an “A” location near the intersection of I-95 and I-276 approximately 25 miles from Philadelphia. At the time of closing, the Property was 100% leased until March 2024 at a below-market rent to a single tenant. As the tenant’s credit was poor, Alliance underwrote the property assuming a potential tenant default.  The tenant did in fact vacate shortly after closing, providing an opportunity for Alliance to complete some deferred maintenance and cosmetic improvements and re-lease the space at a market rent. In November 2020, Alliance entered into a long-term lease with an investment-grade, Fortune 100 e-commerce company for 100% of the property and sold the property shortly thereafter to a public REIT.