The Giant Co. has opened a new Giant Direct e-commerce fulfillment center at 3501 Island Ave. in Philadelphia. The facility is set to serve more customers in Philadelphia and, for the first time in its 98-year history, in southern New Jersey. The 124,000-square-foot facility features state-of-the-art technology, such as robotics, machine learning and vertical integration, according to… Read more »
While many office towers and shopping centers are facing record-high vacancies resulting from the pandemic, a nationwide shortage of industrial space is taking hold across the country, according to data from CoStar, the parent company and publisher of LoopNet. Industrial properties have emerged as a premier asset class with the surge in online shopping; e-commerce… Read more »
Giant Co. has opened a 124,000-square-foot automated fulfillment center in the Eastwick section of Philadelphia and will use it as a test pilot for future facilities. Giant’s parent company, Ahold Delhaize, is exploring adding similar e-commerce distribution centers across its brands and will monitor the Philadelphia operation for areas that might need adjustment. Regardless of… Read more »
In 2018, early in its quest to accumulate a sizable amount of industrial real estate, Arden Group paid $45 million for 12 buildings totaling 607,890 square feet in Bucks County. Since then, Arden has amassed a portfolio of 32 properties totaling 7 million square feet across nine markets and has now parlayed that into an… Read more »
Philadelphia’s industrial market continues to break records, with leasing running well ahead of new construction and rent growth of 12% over the past 12 months, ranking it among the fastest of any major market in the United States. But the industrial market’s most notable milestones of the third quarter centered around sales pricing. With the office… Read more »
A 454,456-square-foot industrial building in Northeast Philadelphia has sold for $33.54 million after attracting a dozen offers. A joint venture between two New York firms, Ajax Advisors and Brickman Associates. The building at 11200 Roosevelt Blvd. sits on 25 acres and was fully occupied at the time of the sale to such tenants as Philadelphia… Read more »
Faropoint, an Israeli real estate company that first entered the Philadelphia market a year ago, has dropped another $75 million to add 19 industrial buildings totaling 904,000 square feet to its growing portfolio of last-mile distribution centers throughout the region. The company last year spent more than $50 million to buy 11 industrial properties between… Read more »
Philabundance, a nonprofit working against food insecurity across the region, has leased a 130,000-square-foot building in the Roxborough neighborhood of Philadelphia that will double its food distribution network. The nonprofit signed a deal at 401-415 Domino Lane, a building that had been used by Penn Beer Distributors and where Night Shift Brewing, a Boston-based craft… Read more »
Target Corp. has leased a 331,428-square-foot warehouse-distribution center in Upper Merion that was built on speculation, according to township officials. Novaya Foxfield Industrial, an affiliate of Boston-based Novaya Real Estate Ventures, is building the structure at 900 River Road. The project is expected to be completed by the end of the year. Target (NYSE: TGT)… Read more »
A New York real estate firm bought a truck terminal in Philadelphia for $3.5 million, marking the company’s first acquisition in the city as it plans to quickly expand its industrial holdings here. Imperium Capital’s IG Logistics bought 3200 S. 70th St., a four-acre property that had been owned and used by XTL Inc., a… Read more »
