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 »
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 »
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 »
Alliance HP has sold three industrial buildings in Eastwick near the Philadelphia International Airport for a combined $24.7 million, or 86% more than it paid two years ago. The buildings total 122,373 square feet. A buyer could not be determined and the sale has not yet been recorded in public records. The three Philadelphia buildings… Read more »
New York-based DH Property Holdings has secured $135 million in construction financing for a two-building, 760,000-square-foot warehouse distribution complex in Northeast Philadelphia at 5000 Richmond St. Barings, a subsidiary of MassMutual, provided the construction loan. The developer also secured $40 million in limited partner equity. *Article courtesy of Philadelphia Business Journal Wolf Commercial Real Estate,… Read more »
Wharton Industrial and Walton Street Capital have sold a 1.3 million-square-foot portfolio in New Jersey outside of Philadelphia for $194.5 million to DRA Advisors. Twinbridge Industrial Park, which has 37 properties and is in Pennsauken, traded hands, divested by Wharton and its joint venture partner, Walton, the sellers said in a press release. PGIM Real… Read more »
The Philadelphia region’s industrial market has experienced a significant shift in leasing trends. Historically, about five industrial leases exceeding 500,000 square feet were signed each year since 2015. But halfway into 2023, no industrial leases of that size cohort have been recorded. Over the past six years, top retailers such as Amazon, Walmart and Burlington… Read more »
Amazon plans to open its new distribution center in Southwest Philadelphia early this fall following a lengthy delay. The facility at 6901 Elmwood Ave. will be Amazon’s largest in Philadelphia in terms of volume and employee headcount. The company said “several hundred” people will be employed at the 140,000-square-foot warehouse and it will initially handle… Read more »
Only one section of Interstate 95 collapsed in Northeast Philadelphia on Sunday morning, but the effects of the tragic infrastructure failure may reverberate across a wide area. The collapse, which claimed one life and shut down I-95 around the Cottman Avenue exit indefinitely, has already disrupted the supply chain in the Northeast, U.S. Secretary of Transportation Pete Buttigieg said… Read more »
As tenants fled from the Richland Plaza shopping center in Quakertown, Velocity Venture Partners Founding Partner Zach Moore thought, “There’s got to be an opportunity here.” At 90% vacant, Velocity acquired the 225,000-square-foot retail center for $16.7 million on Wednesday and plans to convert it into a multi-tenant industrial site. The entire project, combining the acquisition cost… Read more »
