Overview
Gore Gateway (100 & 300 D and S Lane) is a two-building, 124,733-square-foot shallow bay industrial portfolio on 8.16 acres in the Philadelphia MSA, approximately 5 miles from I-95.
The portfolio is 100% NNN leased to W. L. Gore & Associates (Gore) maker of Gore-Tex through December 2030 following a recent 36-month early extension, with an additional three-year option through 2033. Rent increases to $11.50 PSF in January 2028, followed by 2.0% annual increases.
Both buildings were renovated in 2023 and feature 20'–22' clear heights, 16 loading positions, and expansion potential, while the portfolio benefits from its location approximately 10 miles from Gore’s global headquarters in Newark, Delaware.
Key Highlights:
- 124,733 SF | Two Buildings | 8.16 Acres
- 100% NNN Leased to W. L. Gore & Associates
- Lease Term Through December 2030
- 8+ Year Tenant
- Recent 36-Month Early Lease Extension
- Contractual Rent Growth
- ±5 Miles to I-95
- ±10 Miles to Gore's Global Headquarters
- 20'–22' Clear Heights | 16 Loading Positions
- Both Buildings Renovated in 2023
- ±9,887 SF Expansion Potential at 100 D and S Lane
Investment Highlights
STRATEGIC PHILADELPHIA MSA & I-95 LOCATION
- Located in the Philadelphia MSA at the midpoint of New York City & Washington, D.C., providing convenient access to the Northeast and Mid-Atlantic markets
- 5 miles from I-95, 8 miles to Wilmington Airport, 15 miles to the Port of Wilmington, 35 miles to Philadelphia International Airport, and 45 miles to the Port of Philadelphia
- Amazon, Dart Container, AMS Fulfillment, Dot Foods, Snow Joe, and DuPont all operate within roughly 5 miles of the properties
PREMIER CREDIT TENANCY
- 100% leased to W. L. Gore & Associates, Inc. (Gore) across both buildings with 4 years of term remaining
- Creditworthy tenant: one of the 200 largest privately held U.S. companies, with roughly $5.3 billion in annual revenue, up from $3.8 billion in 2020
- Properties strategically located approximately 10 miles from Gore’s global headquarters in Newark, DE
- Gore has occupied the properties since 2018 and recently executed a 36-month early extension of both leases, moving expiration to December 2030, with one additional 36-month option at fair market value through 2033
QUALITY SHALLOW BAY ASSETS
- Two buildings totaling 124,733 SF on 8.16 acres, both renovated in 2023, with upgrades made for Gore including new racking, lighting, and ESFR
- Building 300: 84,733 square feet, 20’ – 22’ clear height, 12 loading positions
- Building 100: 40,000 square feet, 20’ clear height, 4 loading positions and is fully heated and air-conditioned for temperature-sensitive products (approx. 32% of the portfolio’s SF)
- ±9,887 SF of expansion potential at Building 100
RESILIENT MARKET FUNDAMENTALS
- Northern Delaware vacancy of 5.5% is 450 basis points below the 10% regional average
- ±905,000 SF of positive net absorption YTD against ±296,000 SF of construction completions
- New Castle County rents have increased 35% over the last 3 years
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