Hilco Redevelopment Partners, a U.S. real estate development services provider, has closed on the acquisition of the former Philadelphia Energy Solutions (PES) refinery complex in Philadelphia.

Located on Passyunk Ave., along Schuylkill River, the property sits roughly 3 miles from downtown Philadelphia and is equal in size to the city’s entire central business district.

Hilco Redevelopment Partners, an affiliate of Hilco Global, paid approximately $226 million to an undisclosed seller to buy the PES complex.

More so, Hilco Redevelopment is planning to transform the 1,300-acre site into a multi-modal logistics center.