A Houston-based real estate firm has completed the acquisition of a warehouse in Northeast Philadelphia with intentions to demolish and redevelop it into a larger industrial facility. This acquisition, situated at 10101 Roosevelt Blvd., marks an expansion for Lovett Industrial within the Philadelphia market. Spanning 14.5 acres, the firm intends to dismantle the existing 109,000-square-foot structure and replace it with a new 176,000-square-foot industrial property.

Earlier in April, International Vitamin Corp. had announced its plans to phase out manufacturing operations at the West Torresdale location, subsequently putting the building up for sale. The purchase price for the building by Lovett Industrial remains undisclosed, and the sale has yet to be officially recorded in city records.

*Article courtesy of Philadelphia Business Journal

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