The 1,300-Acre Refinery Site Could Become Up to 15 Million Square Feet of Commercial Buildings Hilco Redevelopment Partners said it plans to demolish and redevelop the East Coast’s oldest and largest oil refinery into what could be one of the largest additions of industrial real estate ever in Philadelphia, in a long-term project that could… Read more »
The industrial market in Pennsylvania, finds itself in a precarious position entering the fourth quarter of 2020, and things could improve or deteriorate rapidly. The market’s vacancies are close to 13.5%, largely due to a surge of construction over the past five years. Developers have brought more than 7 million square feet online during that… Read more »
A partnership between affiliates of Endurance Real Estate Group and Thackeray Partners sold an industrial portfolio in Bucks County for $18 million to Exeter Property Group. The Endurance venture bought the four-building, 240,358-square-foot complex at the Penn Warner Industrial Park in Fairless Hills in early 2018 for $10.8 million, or $45 a square foot, from… Read more »
Amazon.com Inc. has leased a 283,000-square-foot building in Philadelphia as part of its web of last-mile distribution centers around the region. The company has signed a deal to occupy 2400 Weccacoe Ave. in South Philadelphia, according to sources. The building had once been occupied Hyundai Rotem, a South Korean company that made train cars for… Read more »
Philadelphia industrial brokers and investors are noticeably less rattled by the coronavirus’ economic shock than their counterparts who specialize in the office or retail sectors. And that is with good reason. The local industrial market is entering the current crisis with tighter vacancies than those achieved even during the best years of economic boom of the mid-2000s and… Read more »
A local private company has purchased a 330,000-square-foot industrial complex at 700 Ramona Ave. in Philadelphia for $8.5 million, or about $26 per square foot. The buyer purchased the property to utilize the site as an expansion of their existing business. The property consists of two large industrial buildings on approximately 14.5 acres and provides access to… Read more »
NorthPoint Development has signed a lease for a division of DHL International to occupy a 465,000-square-foot industrial building it is constructing at 11601 Roosevelt Blvd., a project that is helping to reshape Northeast Philadelphia into as a regional distribution market. KLS Logistics, of which DHL is a part, signed a long-term deal on the building and… Read more »
If there was one clear takeaway from Philadelphia’s industrial market performance last year, it was that investor demand was red hot for nearly all types of distribution properties. Deutshce Bank’s DWS Group acquired two of Dermody Properties’ newly delivered South Jersey distribution centers, 2320 Center Square Road, and 2650 Oldmans Creek Road, for between $90… Read more »
It hasn’t been announced by the company, but the Inquirer has confirmed that United Parcel Service plans to build a million-square-foot facility on the 138-acre former Budd Co. property at 1 Red Lion Rd. in Northeast Philadelphia, one of the biggest available industrial properties in the city. Plans call for 950 parking spaces, and UPS… Read more »
Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker with expertise in Philly commercial real estate listings and services, now has available a highly visible Philly industrial building for lease at 10 Schultz Drive Delano PA. This Philly space for lease is a +/- 69,300 square-foot building and the asking lease price for… Read more »
