A Northeast Philadelphia distribution center occupied by TJX Cos. has been acquired by a Spanish billionaire for $148.1 million, a 53% increase over what the property traded for three years ago, the Philadelphia Business Journal reports.
Phoenix-based VeREIT sold the 1.015-million-square-foot building at 2760 Red Lion Road to Ponte Gadea Compass LLC, property records show. The latter is a Miami investment firm led by Spanish billionaire Amancio Ortega.
Ortega has a net worth of $44.1 billion and is the third wealthiest person in Europe and the 25th in the world, according to the Bloomberg Billionaire Index. Ortega founded Inditex, the world's largest clothing retailer and parent company of fashion brand Zara.
Built in 2001, the distribution center has always been leased to TJX, the parent company of TJ Maxx, Marshalls and HomeGoods. The Massachusetts-based retailer signed a 20-year lease in 2001, which was the largest industrial lease in the city involving a private company in more than three decades. VeREIT bought the building for $97 million in 2019, and TJX extended its lease for another 20 years.
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VeREIT was acquired by San Diego-based Realty Income Corp. (NYSE: O) in a deal that closed last November.
Check out PBJ.com's full article for more about Ortega’s impressive real estate portfolio, including an Amazon acquisition.
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