Philadelphia’s bulk distribution market is gaining momentum following several years of elevated development and rising vacancy. Stronger tenant demand and declining availability are helping the industrial market move beyond its recent slowdown. Vacancy among distribution and warehouse properties larger than 200,000 square feet reached 12.4% during the third quarter. That remains above the national vacancy… Read more »
DrinkPak is preparing to open its massive South Philadelphia manufacturing facility as development continues at the Bellwether District. The 1.4-million-square-foot plant will become Philadelphia’s largest industrial building. The California-based beverage manufacturer expects to launch its first production line in late spring. DrinkPak will then continue building out the facility in phases as operations expand. The… Read more »
The Philadelphia region’s industrial development pipeline is beginning to shift south after several years of rapid construction. Burlington County previously led the region’s industrial building boom. However, new development activity has slowed significantly across the South Jersey county. Since 2020, Burlington County added approximately 22 million square feet of industrial space. That represents about one-quarter… Read more »
Speed Bay Warehouse Solutions has entered the Northeast market with an industrial portfolio acquisition valued at more than $84 million. The portfolio includes eight warehouse properties totaling 488,936 square feet. The buildings are located in Delaware and Montgomery counties in Pennsylvania and Burlington County in New Jersey. The Denver-based real estate firm purchased the portfolio… Read more »
Greek Real Estate Partners and Principal Asset Management have launched another industrial development in the Philadelphia region. The joint venture acquired a 6.9-acre development site at 805 North Wilson Avenue in Bristol for $7.8 million. Construction began the day after the transaction closed. Plans call for a 100,170-square-foot warehouse. The project is expected to be… Read more »
Provident Industrial has begun construction on a nearly 260,000-square-foot warehouse in Limerick, Pennsylvania. The project marks the developer’s continued expansion into the Northeast. Additionally, the new facility will bring much-needed industrial space to Montgomery County. An entity affiliated with the Dallas-based developer acquired the 23-acre site at 300 Keystone Drive in June for $9 million…. Read more »
Mitsubishi Electric Trane HVAC has leased approximately 489,000 square feet of industrial space in Philadelphia’s Bridesburg neighborhood. The lease ranks among the region’s largest recent industrial transactions. Additionally, it reinforces demand for modern distribution facilities in the city. The space is located at 2951 Orthodox Street within a two-building industrial complex totaling approximately 900,000 square… Read more »
A 100,000-square-foot warehouse at 2722 Commerce Way in Northeast Philadelphia has sold for $16.4 million. Property records identify the buyer as 2722 Commerce Realty LLC. Additionally, state business filings link the entity to the neighboring headquarters of RushOrderTees at 2727 Commerce Way. Industry reports identify RushOrderTees as the buyer. However, the company declined to comment… Read more »
Philadelphia’s big-box industrial market is showing renewed leasing momentum. Notably, the number of major transactions has steadily increased from the market’s 2023 cyclical low. The rebound suggests large industrial occupiers are regaining confidence in their operations. Previously, higher interest rates and economic uncertainty caused many companies to delay expansion plans. However, leasing activity has improved… Read more »
A new warehouse has been proposed for a nearly 11-acre property that was once slated for residential development. The plan represents a significant shift in the site’s future use. Previously, a homebuilder proposed constructing dozens of townhomes on the property. However, the project never moved forward. Following that decision, a New York-based investment firm acquired… Read more »
