As Bridge Development Partners begins construction on the second and final phase of Bridge Point 78 in central New Jersey, the real estate company is turning its attention to Philadelphia. The Chicago-based developer, in partnership with DH Property Holdings, landed a lease with TJX Cos. last year for a 283,000-square-foot build-to-suit at 9801 Blue Grass Road in… Read more »
International Paper Co. has paid $11.6 million for a 415,700-square-foot warehouse in West Sadsbury, a rural enclave on the far western edges of Chester County where it abuts Lancaster County. The building at 4581 Lower Valley Road was sold by VMM Eckman Management, an entity affiliated with J.D. Eckman, a Reading company that does highway… Read more »
With a fresh round of stimulus checks hitting households’ bank accounts, retail spending surging and consumers still gravitating towards online shopping as a means of social distancing, the economic backdrop could hardly be more supportive of the burgeoning distribution sector. Even as the volume of distribution centers under construction has skyrocketed by 70% in the Philadelphia… Read more »
Demonstrating continued demand for infill facilities across the greater Philadelphia region, a recently redeveloped last-mile distribution center fully leased by Amazon in Levittown has sold for $21.3 million, more than double the price it fetched when it last traded hands in 2019. Built in 1963, the last-mile distribution facility underwent a multimillion-dollar renovation between 2018… Read more »
PhilaPort plans to break ground on Thursday on a new $42 million, 201,621-square-foot distribution center that is part of a broader capital investment program at the port. The building at 445 Pattison Ave. will be leased to Holt Logistics Corp. as part of the company’s lease at the Packer Avenue Marine Terminal. The facility will… Read more »
Giant Co. will pilot new automation technology at a 124,000-square-foot fulfillment center the grocer has under renovation in Philadelphia. Giant will use micro-fulfillment technology developed by Swisslog that uses robots and bins to process orders at the distribution center at 3501 Island Ave. in the Eastwick section of Philadelphia. Giant announced in January 2020 that… Read more »
Amazon.com Inc. has leased another building in Philadelphia, growing its portfolio of last-mile distribution centers throughout the region and adding — one fulfillment and last-mile distribution center at a time — to its expansive real estate footprint. The online retailer signed a lease on a 65,856-square-foot building at 13200 Townsend Road in Northeast Philadelphia. Hydroponic… Read more »
Alliance HSP, which owns much of the Frankford Arsenal complex in Bridesburg, has acquired a warehouse near Philadelphia International Airport from the city’s housing authority. The Bryn Mawr-based investment group bought the 40,900-square-foot industrial building on 3.8 acres of land at 3440 Bartram Ave. from the Philadelphia Housing Authority for $3.63 million, commercial real estate firm said… Read more »
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 »
