A Massachusetts-based firm plans to fully demolish a vacant office building across from Philadelphia International Airport to make way for a nearly half-million-square-foot industrial warehouse. PNC Bank vacated the entire 441,000-square-foot building at 8800 Tinicum Blvd. in early 2024, consolidating operations at its regional headquarters at 1600 Market St. in Center City. Following the departure,… Read more »
Exertis Almo has sold its 143,060-square-foot headquarters at 2709 Commerce Way in Northeast Philadelphia to a Boston-based real estate investment firm for $27.2 million. The deal is structured as a sale-leaseback, which breaks down to approximately $190 per square foot. The buyer is an entity affiliated with Cabot Properties. The transaction comes on the heels… Read more »
Velocity Venture Partners is redeveloping the former Cardone Industries complex in Northeast Philadelphia, with leases already in place for 40% of the industrial space. The Bala Cynwyd-based firm purchased the 470,000-square-foot site at 5660 Rising Sun Ave. in 2022 for $22.3 million from a Cardone-affiliated entity. Cardone, a longtime major employer in the area, occupied… Read more »
Philadelphia’s industrial boom is winding down after a record-breaking five years that added 55 million square feet to the region’s inventory. As of March, 12.4 million square feet remain under construction, a 52% drop from the early 2023 peak. This slowdown follows a national trend driven by rising vacancies. Half of the 32 million square… Read more »
Philadelphia’s industrial market showed resilience in early 2025, sustaining strong tenant demand despite a national leasing slowdown. Vacancy rates rose with new inventory, but net absorption increased year-over-year. Burlington, New Castle, and Bucks counties continued driving leasing momentum, while industrial properties remained the region’s top investment choice for the fourth consecutive year. Leasing activity has… Read more »
Philadelphia-based Alterra IOS has secured $189 million in financing from Blackstone Mortgage Trust Inc., marking another major investment in the industrial outdoor storage (IOS) sector. The loan supports Alterra IOS’ cash acquisition of 49 IOS properties across 22 states, totaling 235 usable acres. This investment brings the company’s total lender financing to over $1 billion… Read more »
Quaker Valley Foods sold its 241,000 SF cold storage warehouse at 2701 Red Lion Road, Northeast Philadelphia, for $41M in a sale-leaseback deal, ensuring continued operations. Phoenix-based Fundamental Income acquired the 40-year-old property, which Quaker Valley purchased in 2004 for $9.8M. The sale price equates to approximately $170 per SF. *Article courtesy of Philadelphia Business… Read more »
US Elogistics, a third-party logistics company based in Monroe, New Jersey, has leased 517,641 square feet—half of an industrial building—at NorthPoint Development’s Keystone Trade Center in Fairless Hills. Located at 500 Ben Fairless Drive (Building 5), the lease is part of the 1,800-acre former U.S. Steel site, according to a quarterly report from Colliers, which… Read more »
A six-story self-storage facility is being proposed in Fox Chase. The project, located at 7801-45 Oxford Ave., involves consolidating three parcels into a single lot and requires zoning variances to move forward. Plans have been submitted to the Philadelphia Civic Design Review committee for review in February, with the Zoning Board of Adjustment set to… Read more »
Endurance Real Estate Group LLC and Greystar-Thackeray plan to develop a 176,000-square-foot warehouse at 205 Schoolhouse Road in Souderton, Montgomery County. The 14.2-acre site, near I-476 and Route 309, was previously owned by Franconia Technology Associates. Endurance did not disclose the purchase price or development cost. The new facility will neighbor a 176,700-square-foot warehouse at… Read more »
