Posts By: WCRE

Northeast Philly Property to be Redeveloped into Larger Warehouse

Texas firm to redevelop Northeast Philadelphia property into larger warehouse

A Houston-based real estate firm has completed the acquisition of a warehouse in Northeast Philadelphia with intentions to demolish and redevelop it into a larger industrial facility. This acquisition, situated at 10101 Roosevelt Blvd., marks an expansion for Lovett Industrial within the Philadelphia market. Spanning 14.5 acres, the firm intends to dismantle the existing 109,000-square-foot… Read more »

Velocity Venture Acquires Industrial Property in Montgomery County

Velocity Venture Partners has purchased a 340,000-square-foot industrial building in Montgomery County for $30.7 million

Velocity Venture Partners has purchased a 340,000-square-foot industrial building in Montgomery County for $30.7 million, aiming to enhance and expand the premises. Positioned at 3400 E. Walnut St. in Colmar, the 28-acre property sits between Route 309 and County Line Road, less than a mile from SEPTA’s Regional Rail Colmar station. Zach Moore, Velocity’s Founding… Read more »

Expansive Industrial Sublease Opportunities in Lehigh Valley, Pennsylvania

xpansive Industrial Sublease Opportunities in Lehigh Valley, Pennsylvania

The volume of industrial sublease space in Lehigh Valley, Pennsylvania has notably increased this year, more than doubling from 3.9% in the first quarter to 8.8% by the end of November. This mirrors a larger national pattern, where industrial sublet availability has risen from 7.2% to 10% over the same period. Initially, pandemic-driven demands for… Read more »

Greek Real Estate Invests $80 Million in Redevelopment Project for Industrial Property in Northeast Philadelphia

Greek Real Estate makes $80M bet on redevelopment of Northeast Philadelphia industrial property

Two years after the acquisition of a 305,706-square-foot industrial building in Northeast Philadelphia for $31.5 million, Greek Real Estate Partners has initiated a significant redevelopment. The original structure has been demolished to make way for a new 287,000-square-foot warehouse at 2121 Wheatsheaf Lane, with an estimated construction cost of around $50 million, according to David… Read more »

Industrial Construction Commences in Philadelphia with a Significant Decline

Industrial Construction Starts in Philadelphia Stage Precipitous Drop-Off

In response to a confluence of factors, including increased borrowing and construction expenses, coupled with diminishing demand for warehouse space, Philadelphia’s industrial development is beginning to exhibit early indications of a slowdown. Over the last two quarters, the Philadelphia industrial sector has witnessed an average of just 665,000 square feet in construction starts, a stark… Read more »

Philadelphia’s Industrial Property Sector Faces Challenges Amid Influx of Available Space

Industrial Property Sector Grapples With Slower Lease-Up as More Space Floods the Philadelphia Market

The recent construction boom of industrial space across the Philadelphia region has posed lease-up challenges as supply continues to outpace demand for the fifth consecutive quarter.  In the past year, greater Philadelphia’s industrial real estate market has experienced an unprecedented surge in new inventory, with developers adding more than 20 million square feet of industrial… Read more »

Boston Firm Purchases Industrial Warehouse in Harleysville

Harleysville industrial warehouse sells to Boston firm for $14.8M

Stag Industrial, a Boston-based investment trust, bought a 152,625-square-foot industrial building in Harleysville for $14.8 million, according to property records. The property at 1510 Gehman Road is just east of I-476 and south of Detwiler Road. It was previously owned by Platinum Owner PA LLC, which bought the building for $15 million in December 2020…. Read more »

Philly’s Industrial Rent Remains Elevated

Industrial Rents in Philadelphia Remain Elevated

Rent growth across Philadelphia’s commercial properties has exhibited a roller-coaster-like trajectory since the onset of the pandemic, which saw numerous new rent records in recent years. While the region’s overall rent performance has since normalized toward pre-pandemic levels in recent quarters, the industrial sector in Philadelphia stands out as an exception with its annual rent… Read more »