Veho, a third-party logistics company specializing in last-mile delivery, has leased a 148,611-square-foot industrial building at 4501 Richmond St. in Northeast Philadelphia. This deal marks the first lease in the local portfolio of Chicago-based developer Bridge Industrial, which also completed an adjacent 741,701-square-foot facility. Both buildings, located in the Bridesburg neighborhood along the Delaware River… Read more »
Posts Categorized: Philly Industrial Space
SEPTA Acquires a Warehouse in Northeast Philadelphia
SEPTA has purchased a warehouse adjacent to Northeast Philadelphia Airport for $11.25 million, as per Philadelphia property records. This acquisition is part of a trend of industrial sales near the airport. The warehouse at 10551 Decatur Road covers over 136,000 square feet, most of which SEPTA had previously leased since 2019 for use as a… Read more »
Joint Venture Buys 6-Building Industrial Portfolio in Montgomery County
Affiliates of Endurance Real Estate Group and Greystar-Thackeray have acquired a six-building light industrial portfolio in West Norriton for $31.75 million. The portfolio, totaling 200,359 square feet and fully leased to 15 tenants, was sold by Western Valley Forge Business Center LLC and IIT Valley Forge Business Center LLC. The buildings feature clear heights between… Read more »
Seller Nets Tenfold Return as Northeast Philly Industrial Market Booms
A New York investment firm has acquired a 305,000-square-foot distribution center near Northeast Philadelphia Airport, marking another significant industrial sale in the area. Eagle Cliff Real Estate Partners purchased the property at 11350-11400 Norcom Road from 5601 Tulip LLC and Monarch Global Brands, as announced by real estate brokerage Binswanger. The sale price was $33.7… Read more »
NY Investment Firm Acquires Northeast Philadelphia Warehouse
Two years after its completion, a Northeast Philadelphia distribution warehouse has been sold for $83.5 million to a global investment firm, according to property records. The 282,737-square-foot building at 9801 Blue Grass Road is fully leased to TJX Companies, the parent company of TJ Maxx, HomeGoods, and Marshalls. DH Property Holdings sold the property to… Read more »
Delco Warehouse Sells for 41% Above Its Price from Two Years Ago
Velocity Venture Partners has sold a 468,000-square-foot industrial building in Yeadon, Delaware County, for $59 million, marking a 41% increase from its purchase price two years ago. New York-based Lightstone Group, making its first acquisition in the Philadelphia area, bought the warehouse at 6250 Baltimore Ave., according to Newmark’s Ryan Guittare, the listing agent. The… Read more »
Philly Investor Acquires Another Industrial Outdoor Site
Philadelphia-based Alterra Property Group has expanded its industrial outdoor storage (IOS) portfolio in Charlotte, North Carolina, with the recent acquisition of a 5.4-acre site at 309 Morningside Road for $3.25 million, according to Mecklenburg County records. The property, purchased from Miaco Properties LLC, includes a 10,000-square-foot industrial building and is leased by The Loving Group,… Read more »
Industrial Development Resurgence in the Philadelphia Region in 2024
In contrast to national trends, Philadelphia’s industrial development has rebounded significantly in recent quarters. After hitting a three-year low at the end of 2023, the region’s active industrial construction pipeline has surged by 28%. As of Q3 2024, over 17.3 million square feet across 55 industrial buildings are under construction in the Philadelphia metropolitan area,… Read more »
Premier Cherry Hill Flex/Industrial Unit For Lease
Wolf Commercial Real Estate, the leading commercial real estate and advisory firm in South Jersey has been appointed the exclusive listing agent for 2091 Springdale Road, Unit 17, Cherry Hill, New Jersey 08003. The Cherry Hill unit is available for lease. The unit holds +/- 3,655 square feet that could be utilized by flex/industrial users…. Read more »
Industrial Developers Head to Southern Philadelphia
Amid a backlog of unleased speculative warehouse developments and rising interest rates, construction in Philadelphia’s industrial market has slowed. However, with a proposed pipeline exceeding 75 million square feet across 250 buildings, developers remain optimistic about strong pent-up demand and expect a quick rebound once market conditions improve. Over the past three years, the Philadelphia… Read more »