A New Jersey investor has purchased 956 E. Erie Ave., a roughly 800,000-square-foot building on 19 acres in Northeast Philadelphia, with plans to tear down a portion of the existing structure and build 381,200 square feet of new warehouse space on speculation.
The goal is to seize on the continued demand for industrial space, particularly newly constructed, in Northeast Philadelphia and across the region.
Court Street Ventures bought the property, which takes up a city block, for an undisclosed price and the transaction had yet to be publicly recorded. The seller, Shift Capital, paid $3.47 million for the property in 2016.
Located across from the Philadelphia Coca-Cola bottling plant, the building was originally developed by what is now Crown Holdings and has been leased to various tenants over the years including Progress Lighting.
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