An entity affiliated with GLP Capital Partners of Santa Monica, California, paid $71.5 million for 2400 Weccacoe Ave., a warehouse in Philadelphia leased to Amazon. GLP US Management II LLC bought the 283,000-square-foot building in November, according to Philadelphia property records. When the sale was announced, neither the sale price nor the buyer were disclosed… Read more »
Amazon.com Inc. has leased 94,000 square feet in Philadelphia for last-mile distribution as part of its continued expansion throughout the region. The online retailer signed a long-term lease on a portion of a building at 700 Ramona Ave. in North Philadelphia, according to those familiar with the deal. The building had been vacant. Amazon (NASDAQ:… Read more »
Property Sale, Development Represent a Total Capitalization of More than $115 Million Industrial developer DH Property Holdings plans to build a sprawling last-mile distribution campus on the site of a former chemical plant in Philadelphia. The company and its capital partner acquired a 69-acre parcel of land at 5000 Richmond St. that once housed a chemical refinery… Read more »
Trammell Crow Co.’s Northeast Metro Business Unit has broke ground on Springbrooke Trade Center, a two-building industrial park about 22 miles southwest of Center City Philadelphia in Aston, Pennsylvania. Springbrooke Trade Center is set to include a 210,400-square-foot building at 300 Springbrooke Blvd. and a 273,600-square-foot building at 500 Springbrooke Blvd. Both facilities are set to include a 36-foot… Read more »
Earlier this month, Amazon opened a new 1-million-square-foot fulfillment center in Berks County. The facility is the online retail giant’s 15th large fulfillment center in Pennsylvania and is expected to create 1,000 new full-time jobs paying at least $15 an hour. Amazon fulfillment centers like this one typically draw a small ecosystem of other businesses nearby —… Read more »
The parent company to TJ Maxx, HomeGoods and Marshalls has signed a long-term lease on a proposed 300,000-square-foot building in Northeast Philadelphia that will be developed for the company. Once built, TJX Cos. will use the building at 9801 Blue Grass Road to expand it local warehouse-distribution operations, according to market sources. The company has… Read more »
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 »
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 »
