Joint Venture Buys 6-Building Industrial Portfolio in Montgomery County

Joint Venture Buys 6-Building Industrial Portfolio in Montgomery County

Affiliates of Endurance Real Estate Group and Greystar-Thackeray have acquired a six-building light industrial portfolio in West Norriton for $31.75 million. The portfolio, totaling 200,359 square feet and fully leased to 15 tenants, was sold by Western Valley Forge Business Center LLC and IIT Valley Forge Business Center LLC. The buildings feature clear heights between 18 and 20 feet, along with a combined 530 parking spaces and 46 loading positions. This acquisition marks the 12th joint venture between Radnor-based Endurance and Thackeray since 2006; Thackeray was acquired by Greystar in 2021.

*Article courtesy of Philadelphia Business Journal

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

Seller Nets Tenfold Return as Northeast Philly Industrial Market Booms

Seller Nets Tenfold Return as Northeast Philly Industrial Market Booms

A New York investment firm has acquired a 305,000-square-foot distribution center near Northeast Philadelphia Airport, marking another significant industrial sale in the area. Eagle Cliff Real Estate Partners purchased the property at 11350-11400 Norcom Road from 5601 Tulip LLC and Monarch Global Brands, as announced by real estate brokerage Binswanger.

The sale price was $33.7 million, according to an industry source, a remarkable increase from the $3.3 million paid for the property in 2016. Built in 1965, the building sits on 16.8 acres and is fully occupied by Monarch, a wholesaler and manufacturer of microfiber and linens, along with another tenant.

*Article courtesy of Philadelphia Business Journal

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

NY Investment Firm Acquires Northeast Philadelphia Warehouse

NY Investment Firm Acquires Northeast Philadelphia Warehouse

Two years after its completion, a Northeast Philadelphia distribution warehouse has been sold for $83.5 million to a global investment firm, according to property records.

The 282,737-square-foot building at 9801 Blue Grass Road is fully leased to TJX Companies, the parent company of TJ Maxx, HomeGoods, and Marshalls. DH Property Holdings sold the property to Blue Grass Owner II LLC, which shares the same New York address as alternative investment giant KKR.

In 2020, New York-based DH Property Holdings purchased the 21-acre site for $10.5 million from Huntingdon Valley real estate firm Sant Properties.

*Article courtesy of Philadelphia Business Journal

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

Delco Warehouse Sells for 41% Above Its Price from Two Years Ago

Delco Warehouse Sells for 41% Above Its Price from Two Years Ago

Velocity Venture Partners has sold a 468,000-square-foot industrial building in Yeadon, Delaware County, for $59 million, marking a 41% increase from its purchase price two years ago. New York-based Lightstone Group, making its first acquisition in the Philadelphia area, bought the warehouse at 6250 Baltimore Ave., according to Newmark’s Ryan Guittare, the listing agent. The sale, which closed on Monday, equates to $126 per square foot. The property is located just outside Philadelphia.

*Article courtesy of Philadelphia Business Journal

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

Philly Investor Acquires Another Industrial Outdoor Site

Philly Investor Acquires Another Industrial Outdoor Site

Philadelphia-based Alterra Property Group has expanded its industrial outdoor storage (IOS) portfolio in Charlotte, North Carolina, with the recent acquisition of a 5.4-acre site at 309 Morningside Road for $3.25 million, according to Mecklenburg County records. The property, purchased from Miaco Properties LLC, includes a 10,000-square-foot industrial building and is leased by The Loving Group, a landscaping solutions company. Located near Mount Holly Road in northwest Charlotte, this site adds to Alterra’s growing investments in the region.

*Article courtesy of Philadelphia Business Journal

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

Industrial Development Resurgence in the Philadelphia Region in 2024

Industrial development stages a resurgence across Philadelphia region in 2024

In contrast to national trends, Philadelphia’s industrial development has rebounded significantly in recent quarters. After hitting a three-year low at the end of 2023, the region’s active industrial construction pipeline has surged by 28%.

As of Q3 2024, over 17.3 million square feet across 55 industrial buildings are under construction in the Philadelphia metropolitan area, up from 13.5 million square feet at the end of 2023. Southern New Jersey—comprising Burlington, Camden, Gloucester, and Salem counties—represents over 45% of the region’s total industrial construction.

Salem County now leads the Philadelphia region in industrial activity, with 4.4 million square feet underway, making it the only area with over 1 million square feet in construction. Given the relatively small existing industrial space in Salem, this construction represents an impressive 47% increase in the county’s inventory.

*Article courtesy of Costar

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

Premier Cherry Hill Flex/Industrial Unit For Lease

Premier Cherry Hill Flex/Industrial Unit For Lease

Wolf Commercial Real Estate, the leading commercial real estate and advisory firm in South Jersey has been appointed the exclusive listing agent for 2091 Springdale Road, Unit 17, Cherry Hill, New Jersey 08003. The Cherry Hill unit is available for lease.

The unit holds +/- 3,655 square feet that could be utilized by flex/industrial users.

Features of 2091 Springdale Road

2091 Springdale Road is available at the end of 2024. Included in the property are one 8’x8′ loading dock, 16′ ceiling height, six individual offices, a reception area, a conference room, a kitchenette, and two restrooms with furniture available upon request. It is a zoned industrial restriction having a dry sprinkler system and electric is 120/208 Volt 200 amp service with a sub panel that has 100 amps. The building has suite signage and Comcast & Verizon Internet services available.

The property has easy access to Routes 70 and 73, NJ Turnpike, and I-295 and is 15 minutes from the Tacony-Palmyra and Ben Franklin Bridges. Additionally, 2091 Springdale Road is close to various hotels, restaurants, and retailers.

For more information about the lease price or a tour of the industrial space, please contact Erin Warwick, Executive Vice President, at (856) 857 6303 or via email erin.warwick@wolfcre.com and Ryan Barikian, Vice President, at (856) 857 6307 or via email ryan.barikian@wolfcre.com. To review the brochure, please click here.

Wolf Commercial Real Estate is a full-service CRE brokerage and advisory firm with a full range of commercial real estate listings and services. The firm handles a variety of properties including medical, office, industrial, retail and investment. WCRE represents buyers, landlords, investors, tenants and sellers and also provides property management services. For a full list of buildings and suites that are available for sale or lease, visit www.wolfcre.com.

Industrial Developers Head to Southern Philadelphia

Industrial Developers Head to Southern Philadelphia

Amid a backlog of unleased speculative warehouse developments and rising interest rates, construction in Philadelphia’s industrial market has slowed. However, with a proposed pipeline exceeding 75 million square feet across 250 buildings, developers remain optimistic about strong pent-up demand and expect a quick rebound once market conditions improve. Over the past three years, the Philadelphia industrial market has added 50 million square feet of new space, and 70 million square feet over the past five years.

*Article courtesy of Costar

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

Amazon Warehouse in $198M Philly-Area Deal

Amazon Warehouse in $198M Philly-Area Deal

KKR has acquired three fully-leased Philadelphia-area warehouses as part of a $377 million deal involving six properties across the U.S. The local properties, according to CoStar Group data, sold for a combined $198 million. They include: Amazon’s 650,000-square-foot fulfillment center at 240 Mantua Grove Road, West Deptford, NJ, sold for $90.8 million. Built in 2018, it features a 41-foot clear height and 57 dock doors. Dunkin’s 301,872-square-foot distribution center at 20 E. Park Drive, Westampton, NJ, sold for $61 million. Penn Jersey Packaging’s 255,336-square-foot warehouse at 9355 Blue Grass Road, Philadelphia, sold for $46.2 million. The properties were previously owned by Link Logistics, the industrial real estate arm of Blackstone Group. The Amazon Center last traded for $78 million in 2019.

*Article courtesy of Philadelphia Business Journal

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

PNC Operations Center to Be Demolished for New Warehouse

PNC Operations Center to Be Demolished for New Warehouse

The structures at 8800 Tinicum Blvd. will be replaced by a one-story distribution center, according to a zoning permit. The new facility will include two loading spaces, 618 parking spaces, and 48 bicycle spaces. PNC, the site’s former tenant, relocated its offices to 1600 Market St. in April, a company spokesman confirmed to Bisnow on Wednesday. He emphasized that the move did not impact the workforce. “We continually assess our real estate portfolio to ensure optimal use of our facilities, considering factors such as building and space conditions, overall occupancy, and operational needs,” the spokesman stated. He added that the banking operations center consolidated its footprint at the Eastwick Center, transitioning employees to its regional headquarters at 1600 Market St. and other locations.

*Article courtesy of BisNow

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.