Swiss Chocolate Manufacturer Becomes First Tenant at Delco Industrial Park

Swiss chocolate manufacturer takes entire building, becomes first tenant at new Delco industrial park

Global cocoa producer Barry Callebaut has signed a lease for 350,000 square feet at Eddystone’s Delco Logistics Center, taking up an entire building as the company grows its presence in the region and aims for more efficiency. It’s the first tenant at the Delco Logistics Center.

Barry Callebaut plans to use the warehouse space to store cocoa products and beans. The Delco Logistics Center, at 1500 E. 2nd St., is adjacent to where Barry Callebaut manufactures semi-finished cocoa products like cocoa liquor, cocoa butter and cocoa powder.

Zurich-based Barry Callebaut already leases the 388,000 square feet of factory and office space from Foxfield at 903 Industrial Highway, essentially next door.

*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 Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia 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 Philadelphia commercial real estate brokerage firm.

Small-Bay Industrial Market in Philly is Underserved

Philadelphia’s Small-Bay Industrial Market Underserved by Recent Construction

Amid headlines driven by the mega-leasing sprees of Amazon, Target, Walmart and other high-profile companies in recent years, industrial developers have increasingly catered to the massive bulk-warehouse segment so much in demand by these types of users.

However, one industrial property segment that has flown under the radar is those measuring 50,000 square feet or less, or small-bay industrial facilities. Small-bay spaces are the only industrial segment where vacancy and availability continue to shrink despite record levels of new construction underway.

Across Philadelphia’s small-bay industrial buildings, availability fell from an already-compressed 5.5% at the end of 2019 to where it sits at 4.5% entering the second quarter. Meanwhile, industrial properties exceeding 500,000 square feet have already hit a 16% availability rate across the Philadelphia region, fueled by the disproportionate levels of new construction underway.

Small-bay properties have also recorded the fastest pace of leasing, with 600 available spaces leasing within six months on average in the past year – down from eight months in 2019. Meanwhile, larger industrial spaces of over 100,000 square feet averaged 13 months across 40 listings during the same period. The volume and pace at which the market absorbs small-footprint industrial spaces are notable, suggesting this industrial segment is in high demand and is becoming sparser over time. Locally oriented distributors, suppliers and retailers have significantly driven this demand in the Philadelphia region.

*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 Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia 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 Philadelphia commercial real estate brokerage firm.

West Conshohocken Oldies.com Building Sells for $7.85M

Oldies.com building in West Conshohocken sells for $7.85M

Velocity Venture Partners has acquired the Oldies.com building for $7.85 million with plans to market it to tenants seeking high-visibility industrial space.

The 56,000-square-foot West Conshohocken landmark at 60 Portland Road is located on 3 acres directly west of I-476. More than 115,000 vehicles pass by daily on that section of the Blue Route, making it one of the most visible buildings in the Philadelphia area.

Oldies.com put the property on the market almost a year ago after deciding it only needed about 5,000 to 10,000 square feet for its inventory of vinyl records, CDs, DVDs and other collectibles.

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 Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia 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 Philadelphia commercial real estate brokerage firm.

Philadelphia Emerges as Top Industrial Market in Mid-Atlantic

Philadelphia Emerges as Top Mid-Atlantic Industrial Market in 2023

As of early 2023, Philadelphia is leading the Mid-Atlantic region in terms of industrial performance metrics, surpassing New York, Northern New Jersey, Washington D.C. and Boston. Philadelphia’s construction levels are now 400% above the three-year annual average before the pandemic. Driven by high market liquidity and e-commerce growth, industrial activity flourished throughout the country in recent years, particularly in areas near major ports, such as Philadelphia.

While fluctuating market conditions and increased construction expenses have led to a slowdown in financing and groundbreakings for some new projects, many that are already underway are continuing. Even though demand has softened, supply-side dynamics in early 2023 remain robust due to the delayed nature of real estate development.

The categories where Philadelphia has eclipsed other Mid-Atlantic markets include the most new industrial space added over the past 12 months, at 15.3 million square feet; the most new space under construction, at 27.7 million square feet; and the highest annual absorption volume, at 11.1 million square feet. Of the industrial property projects under construction in the Philadelphia region, approximately 25% have been pre-leased.

*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 Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia 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 Philadelphia commercial real estate brokerage firm.

New Jersey Industrial Sales Totaled $149M, Second in the Nation

NJ Ranked #2 in Nation for Industrial Sales

The sales volume for industrial real estate in New Jersey totaled $149 million in January, the second highest figure in the nation to the San Francisco Bay Area. 

The data from property management software Yardi shows the Bay Area, New Jersey and Indianapolis had the highest volume of industrial real estate change hands by a wide margin. Transactions in the Bay Area totaled $169 million and in Indianapolis that number was $112 million. The three next largest sales totals in Columbus, Ohio ($50 million); Seattle ($48 million) and Charlotte, North Carolina, ($47 million) combined are still less than New Jersey’s total. Philadelphia had $4 million worth of industrial real estate sales, topping Northeast counterpart Boston at $3 million. 

The average sales price per square foot was $149 in Philadelphia and $202 in New Jersey. Average rents per square foot in Philadelphia and New Jersey were $6.98 and $9.21, respectively, in January. 

*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 Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia 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 Philadelphia commercial real estate brokerage firm.

Greek Development Plans to Redevelop 287,000 SF Philly Warehouse

Greek Development Plans to Redevelop Philly Warehouse

Greek Development has expanded its footprint to Philadelphia, with plans to build nearly 300,000 square feet of new industrial space, after one of several recent acquisitions and as part of a development pipeline that currently calls for more than 2.5 million square feet.

The East Brunswick-based firm is pursuing approvals for the planned 287,000-square-foot facility at 2121 Wheatsheaf Lane, some five miles from Center City and at the base of the Betsy Ross Bridge. The building, which would have 40-foot clear ceiling heights, would redevelop the site of a 305,706-square-foot warehouse, which the company acquired in spring 2021 for $31.5 million.

*Article courtesy of RE-NJ

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 Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia 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 Philadelphia commercial real estate brokerage firm.

Manufacturer in Bucks County Secures Future in Industrial Complex

industrial complex in bristol pa

TESCO owner Tom Lawton worried about the possibilities. If the building that housed his company was sold, the buyer could force it to move. 

So Lawton took control.

TESCO bought Grundy Commons, its home since 1987, in November. The company paid just under $13.4 million for the four-building property in Bristol, according to public records.

The industrial complex, located at 925 Canal St., was built between 1880 and 1912 and originally used as a woolen mill. Its iconic clock tower welcomes visitors arriving at the nearby Bristol Train Station.

TESCO, which manufactures electric meters and related equipment, takes up nearly 200,000 of the 309,000 square feet at Grundy Commons, and 15 other light manufacturing companies take up most of the rest of the space, including a furniture manufacturer and a whiskey distiller.

By buying the building, TESCO secured its future in Bucks County for the foreseeable future.

*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 Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia 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 Philadelphia commercial real estate brokerage firm.

Velocity Venture Partners Buys Delco Industrial Building

Velocity Venture Buys Delco Industrial Building

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 size,” Moore said. “When we do, we get excited by it.”

The Bala Cynwyd company already owns more than 8 million square feet of industrial and flex space across 80 buildings in New Jersey and Pennsylvania. The company specializes in buying industrial properties, renovating them and elevating their value. The Delaware County building is the fifth acquisition for the company since late August, in a buying spree that also includes properties in Montgomery and Bucks counties. The deals total $93.5 million. 

*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 Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia 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 Philadelphia commercial real estate brokerage firm.

Velocity Venture Partners Purchases 4 Philly Suburb Office Buildings

Velocity Venture Partners Buys 4 Philly Offices

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 in Pennsylvania and New Jersey.

Each new property features a current or former office building. With demand for office space shifting, co-founders Tony Grelli and Zach Mooresaw opportunity in buying the sites with plans to convert them to industrial or flex space.

Grelli pointed to critical realizations since the start of the pandemic: Demand has increased for domestic manufacturing and assembling of products, as well as local inventory for retail and e-commerce.

*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 Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia 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 Philadelphia commercial real estate brokerage firm.

Delaware County Industrial Park Sells for $239 Million

Wharton Industrial Expands Philly Area

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 sold by Alliance HP of Bryn Mawr. WPT Capital Advisors of Minneapolis is the buyer, marking the real estate investment firm’s entry into Pennsylvania.

*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 Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia 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 Philadelphia commercial real estate brokerage firm.