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 »
Chicago-based Bridge Industrial, a privately owned real estate operating company and investment manager that acquires and develops industrial real estate in supply-constrained core industrial markets, has started construction on a two-building speculative development in Philadelphia named Bridgepoint Philadelphia. Bridge, which acquired the infill industrial site off Orthodox St. near the Betsy Ross Bridge with access… Read more »
Wolf Commercial Real Estate, the leading commercial real estate and advisory firm in South Jersey has been appointed the exclusive listing agent for 6741 Essington Ave in Philadelphia, Pennsylvania. The Philly property is available for sale, priced at $899,000. The property is +/- 4,182 square-feet and is zoned I-2. Features of 6741 Essington Ave in… Read more »
The Port of Philadelphia’s ongoing plan to expand its physical footprint is taking another step forward with the approval of a new warehouse. The port on Thursday received a zoning permit to build a storage, distribution and logistics facility on 3060 S. 61st St. by the Schuylkill River. The 277,200-square-foot warehouse is being planned on a more… Read more »
Global cocoa producer Barry Callebaut has signed a lease for 350,000 square feet at Eddystone’s Delco Logistics Center, taking up an entire building as the company grows its presence in the region and aims for more efficiency. It’s the first tenant at the Delco Logistics Center. Barry Callebaut plans to use the warehouse space to… Read more »
Amid headlines driven by the mega-leasing sprees of Amazon, Target, Walmart and other high-profile companies in recent years, industrial developers have increasingly catered to the massive bulk-warehouse segment so much in demand by these types of users. However, one industrial property segment that has flown under the radar is those measuring 50,000 square feet or… Read more »
Velocity Venture Partners has acquired the Oldies.com building for $7.85 million with plans to market it to tenants seeking high-visibility industrial space. The 56,000-square-foot West Conshohocken landmark at 60 Portland Road is located on 3 acres directly west of I-476. More than 115,000 vehicles pass by daily on that section of the Blue Route, making… Read more »
As of early 2023, Philadelphia is leading the Mid-Atlantic region in terms of industrial performance metrics, surpassing New York, Northern New Jersey, Washington D.C. and Boston. Philadelphia’s construction levels are now 400% above the three-year annual average before the pandemic. Driven by high market liquidity and e-commerce growth, industrial activity flourished throughout the country in… Read more »
The sales volume for industrial real estate in New Jersey totaled $149 million in January, the second highest figure in the nation to the San Francisco Bay Area. The data from property management software Yardi shows the Bay Area, New Jersey and Indianapolis had the highest volume of industrial real estate change hands by a wide margin…. Read more »
