Current Industrial Projects

1788 Holdings now owns 25 properties totaling approximately 1.8 million square feet of space, as well as an additional 75 acres of outside storage space in Alabama, Florida, Georgia, Maryland, North Carolina, Pennsylvania and South Carolina, with a total market value of $136 million.

Northeast

Pennsylvania Properties

130 E Baltimore Avenue, Lansdowne, PA

130 E. Baltimore is a 10,000 SF industrial building that is leased by RCN Telecom as a data and telecommunications switching station.  It is one of two such switching stations that together handle all of RCN’s data and telecommunications traffic on the south side of Philadelphia.  The tenant has continuously been operating servers and data cables at this site for 21 years.   Lansdowne has a population of 350,000 within 3 miles and sits along SEPTA Regional Rail lines and PA Route 13, providing access throughout the region.  The property itself is located only 6 miles from Center City Philadelphia and is also adjacent to the heart of the Philadelphia Airport industrial submarket.

6640 Essington Avenue, Philadelphia, PA

6640 Essington Ave is a 2.08 acre crushed gravel outside storage or fleet parking site that sits at a major intersection. The site is fenced, well-lit and has surveillance cameras making it an excellent location for any tenant in need of truck/ trailer parking. This property’s location is roughly 1.6 miles from the Philadelphia Airport and Interstate 95.

1001 Herr Street, City of Harrisburg, PA

1001 Herr St. is a 21.3 acre outside storage yard located immediately adjacent to the Harrisburg, PA Central Business District. The property sits at a Class A location just off Cameron St. between I-81 and I-83, two major Interstates, which immediately border downtown Harrisburg to its north and south. 1001 Herr St. is anchored by Norfolk Southern and, given its size, presents a unique canvas, by its sheer size and location, to attract several other high quality users in this market.

1399 Hagy Way Harrisburg, PA

1399 Hagy Way is a 3.36-acre site with two buildings which is located just outside of downtown Harrisburg and ¼ mile from a four-way interchange for I-81.  Building one is a two-story office/industrial building totaling 23,000 sf and building 2 is a 11,000 square foot manufacturing building. In addition, the property benefits froms ample outdoor storage space. 1788 Holdings purchased the property for a fraction of replacement cost and immediately signed leases which brought it’s going-in yield to 17.9%.   

1400 Hagy Way, Harrisburg, PA

1400 Hagy Way is a unique light industrial property with dock doors located on all four sides of the building totaling 59,050 square feet.  The site’s 4.08 acres also accommodates 24 trailer drops.  This Class A location is in close proximity to the intersection of I-81 and Route 22 and abuts downtown Harrisburg to the north.  A high profile mail pre-sort company chose this location primarily due to the project’s proximity to the regional US Postal Service facility. The property is currently fully leased to a large, national building supply company pursuant to a long-term lease

650 Mansfield Ave, Pittsburgh, PA

650 Mansfield Ave is a 68,800 Sf cold storage facility sitting on 13.71 acres located in an infill location roughly four miles from downtown Pittsburgh. The facility has 12 dock doors, 8 of which are covered, leading directly into both dry and cold storage. This site was underwritten to be taken back to a pure light industrial building after the existing full-building lease expires in Q1’2025.  The asset was purchased at significantly below replacement cost on a 9.5% cap rate with an in-place rent that was roughly 20% below market at acquisition and the company anticipates adding roughly 0.5 acres of fleet parking to the asset prior to releasing it.

Maryland Properties

1601 Wicomico Street, Baltimore, MD

1601 Wicomico St, a 351,000 SF, light industrial/ manufacturing property located directly adjacent to Interstate 95 from the Russell Street North exit and features nearly 3 acres of outside storage land. This property abuts Baltimore’s downtown core, and the immediate trade area is actively seeing new development of multiple different product types. The property is fully leased to two national tenants and one regional tenant pursuant to long-term leases.

6901 Rolling Mill Road, Baltimore

Situated on 6.4 acres of land, 6901 Rolling Mill Rd is a Class B 75,000 SF light industrial/manufacturing building located just over 1 mile from Eastern Avenue exit off Interstate 95.  This location provides excellent access to the highway and the Port of Baltimore. Its 2 acres of outside storage land gives this property a significant advantage over its competitive set in this market. This property was acquired with in place rents 40% below market.

2700 Loch Raven Baltimore, MD

2700 Loch Raven Road, previously owned by Carroll Independent Fuel, is a three-building industrial complex totaling 106,000 SF and it is located on 7.95 acres with an abundance of fleet parking/outside storage space. The centerpiece of the property, an 80,000 SF warehouse, has both a multitude of fleet servicing bays as well as a large clear-span storage area. The property is strategically located in the Center City submarket of Baltimore affording any tenant whose products target the residential population of Baltimore with an unrivaled location from which to service their customers.

4305 Lime Kiln Rd, Frederick MD

4305 Lime Kiln Rd is an 8.3 acre outdoor storage property in Frederick Maryland located just off of MD-85, roughly 2.5 miles from the I-270. Frederick County only has 34 industrial sites in excess of 5 acres that allow for outside storage and 4305 Lime Kiln is one of the very few of those sites that is not owned by an owner/user. This provides the site with both significant scarcity value and pricing power for any user needing such space in volume.

Given its proximity to both I-270 and I-70, the location of this property is highly attractive to both super-regional users and users focused on servicing the high income suburbs northwest of DC. The property is currently improved by 5.5 acres of rentable crushed gravel storage land and an 11,091 square foot warehouse. It also has the potential for rail access in the future.

The property also has an active wireless telephone and data transmission tower servicing the heavily trafficked I-270 corridor.

Virginia Properties

8219 Terminal Rd, Lorton VA

8219 Terminal Road is a 3.65 acre site with an existing 9,860 square foot building and a fleet refueling facility that sits at a Class A+ location off of I-95.  1788 Holdings and its capital partner purchased this asset as a long-term hold investment due to the scarcity of properties zoned for heavy outdoor storage uses in its trade area.  Two of the three tenants have below market rents subject to near-term lease expirations affording ownership the opportunity to quickly increase its unleveraged yield-on-cost by roughly 250 basis points.

Midwest

Illinois Properties

1120 E 89th St, Chicago, IL

1120 E 89th Street, located just south of downtown Chicago, is a 149,550 sf light industrial warehouse on 7.50 acres.  The project contains an abundant amount of fleet parking and which is uncommon in this submarket.  Equally importantly, it abuts another 1788 Holdings owned asset, 8801 Greenwood Ave, which also has abundant fleet parking.  Together, these assets create a very unique and differentiated product offering within Chicago’s City South submarket.  1120 89th Street was purchased with in place rents 45% below market. 

8801 - 8835 S Greenwood Ave, Chicago IL

8835 S Greenwood Ave is located in the City South submarket which is the largest and most supply-constrained submarket in the Chicago MSA. The property is comprised of two industrial buildings totaling 63,125 sf and 3.5 acres of outside storage land currently used as fleet parking. The current lessee’s long-term tenure at the property speaks to the uniqueness of this asset’s ability to accommodate large fleet parking requirements within this submarket.  1788 Holdings’ recent acquisition of 1120 E. 89th Street, an abutting property to this asset which also has ample space for fleet parking, further increases the value each property.

Michigan Properties

Silver State Portfolio

The Silver State Portfolio is comprised of three light industrial assets, 55 Silverdome Dr (74,026 SF on 6.05 ac.) in Pontiac, MI, 30550 W 8 Mile Rd (27,571 SF on 6.88 ac.) in Farmington Hills, MI and 3660 N. Euclid Ave (56,138 SF on 7.98 ac.) in Bay City, MI.   The portfolio is a particularly attractive investment due to the abundance of outdoor storage area at each property, minimal landlord capital expenditure exposure and below market in-place leases.  The Detroit industrial market continues to be one of the top performing markets in the U.S. due to its abundance of manufacturing and light industrial assets which are truly benefitting from the “on-shoring” of the industrial supply chain.

Ohio Properties

5764 Jackman Ave Toledo, OH

5764 Jackman Ave consists of two small industrial buildings totaling 14,000 SF which reside on a 2.1-acre corner site. The Class A location is 100% leased to two national tenants, AAA and Enterprise Rent-A-Car. These tenants have an average tenure at the property of over 35 years due to its excess parking area which easily accommodates their intensive parking requirements. The property was bought at an 8.25% cap rate and 1788 Holdings ultimately plans to subdivide the property into two separate parcels so that it can sell each of the two pure-play STNL investments to 1031 investors.

Southeast

NTW/MAC Portfolio

This portfolio consists of 9 light industrial warehouse assets located in the southeastern U.S. totaling 576,064 square feet that are currently 100% leased to two tenants.  Seven of the nine properties, totaling 438,779 square feet are leased to a subsidiary of National Tire Wholesale (“NTW”). These properties are located across 6 markets in Georgia, Florida and South Carolina.  The two other properties total 130,285 square feet and are leased to MAC Papers and Packaging.  These properties are located in Alabama and North Carolina. The in place rents were 35% below market at the time of acquisition.

Florida Properties

1702 Jim Johnson Rd, Plant City FL

1702 Jim Johnson Rd is a 48K cold storage facility sitting on approximately 8.4 acres of land in Plant City, Florida. This cold storage facility boasts 14 dock doors, free span column spacing, and 22’ clear heights. Plant City sits just off of I-4 on the eastern side of Tampa in a burgeoning industrial node for both cold storage users and general industrial tenants. 1702 Jim Johnson Rd is fully leased to a single tenant at a rental rate that is significantly below market.

Legacy Projects

Riverside Business Center, Lehigh Valley PA

Riverside Business Center is a 423,879 square foot infill light industrial project in Whitehall, PA.  Whitehall is a suburb of Allentown, PA and is located in the heart of the highly desirable eastern region of Lehigh Valley, PA.   The property is unique in nature in that it offers industrial spaces ranging in size from 12,000 SF to 75,000 SF as well as outside trailer storage and the ability to build an additional 25,000 SF.  This project is a long-term hold for 1788 and its investment partners as it is the largest infill light industrial project in its trade area and it was bought at a significant discount to its replacement cost.  

7001 Holstein Avenue, Philadelphia PA

7001 Holstein Ave is a 5.08-acre trailer drop/outside storage lot located 1.5 miles from Philadelphia International Airport and it enjoys exceptional access to I-95 in both directions. The surrounding area is comprised of uses that accommodate significant fleet or passenger car parking requirements. The site is fenced in, well-lit, and has video camera-based security systems.