Fast-growing Velocity Venture Partners has purchased the 468,000-square-foot Yeadon Industrial Center in Delaware County for $41.75 million. Velocity plans to spend an additional $8 million on capital improvements to upgrade the complex and raise rents to market rates, co-founder Zach Moore said. “It’s not very often we get the opportunity to buy a building of that… Read more »
As the real estate climate changes with rising interest rates and continuing Covid-19 fallout, Velocity Venture Partners is positioning itself to take advantage. The Bala Cynwyd company bought four properties in Bucks and Montgomery counties since late August, adding to its portfolio of 7.5 million square feet of industrial and flex space spanning 80 buildings… Read more »
Two newly constructed industrial buildings in Eddystone have been purchased for $239.4 million, highlighting the continued demand among investors for local warehouses. The sale comes as both buildings — totaling 770,000 square feet — sit vacant as their new owner searches for potential tenants. The 64-acre site, known as Delco Logistics Center, was developed and… Read more »
Wharton Industrial continues to expand its Philadelphia-area holdings, buying a pair of fully leased warehouses in Pennsylvania and New Jersey totaling 325,000 square feet. The properties are at 9130 Griffith Morgan Lane in Pennsauken and 5 East Pointe Drive in the Berks County town of Birdsboro. Both deals involve sale-leasebacks. The 189,498-square-foot warehouse in Pennsauken… Read more »
An 11.4-acre industrial property in Southwest Philadelphia near the planned Bellwether District was recently purchased for $35 million by an entity affiliated with Hilco Redevelopment Partners, the company behind the ambitious project. The nearly 70,000-square-foot warehouse at 1600 S. Warfield St. sits just north of the edge of the former Philadelphia Energy Solutions refinery site,… Read more »
A California vitamin manufacturer is expanding in Northeast Philadelphia, leasing a 180,171-square-foot distribution center currently occupied by TJX Cos. International Vitamin Corp. is moving into 2801 Red Lion Road in the first quarter of 2023, growing from the roughly 110,000 square feet it currently occupies nearby at 10101 Roosevelt Blvd. The company will occupy the… Read more »
The facility will be funded through a $20.3 million grant awarded to PhilaPort under the U.S. Department of Transportation’s 2022 Infrastructure for Rebuilding America program. A portion of the funding will also be used toward safety and efficiency upgrades with the modernization of the Tioga Marine Terminal’s main gate. Construction of the new warehouse is… Read more »
A Northeast Philadelphia distribution center occupied by TJX Cos. has been acquired by a Spanish billionaire for $148.1 million, a 53% increase over what the property traded for three years ago. Phoenix-based VeREIT sold the 1.015-million-square-foot center at 2760 Red Lion Road to Ponte Gadea Compass LLC, property records show. The latter is a Miami… Read more »
Less than a year after buying a 200,000-square-foot industrial building in Croydon, Wharton Equity Partners has landed a new tenant for the vacant property. Jillamy Inc., a third-party logistics company based in Chalfont, toured the building at 2955 State Road and signed a lease eight days later. The company takes occupancy Sept. 8. “It was… Read more »
BG Capital in partnership with FreezPak Logistics plans to develop a new $85 million cold storage facility in the Port Richmond neighborhood of Philadelphia as part of a broader, $1 billion effort to build a network of cold storage distribution centers across the country. Construction of the Port Richmond building is expected to get underway… Read more »
