DH Property Secures $175M for Philly Industrial Project

DH Property secures $175M for 760,000-SF Northeast Philadelphia industrial project

New York-based DH Property Holdings has secured $135 million in construction financing for a two-building, 760,000-square-foot warehouse distribution complex in Northeast Philadelphia at 5000 Richmond St.

Barings, a subsidiary of MassMutual, provided the construction loan. The developer also secured $40 million in limited partner equity.

*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.

Wharton and Walton Sold a 1.3M SF Portfolio Outside of Philadelphia

Wharton, Walton Sell 37-Property Industrial Portfolio in New Jersey for $194.5 Million

Wharton Industrial and Walton Street Capital have sold a 1.3 million-square-foot portfolio in New Jersey outside of Philadelphia for $194.5 million to DRA Advisors.

Twinbridge Industrial Park, which has 37 properties and is in Pennsauken, traded hands, divested by Wharton and its joint venture partner, Walton, the sellers said in a press release. PGIM Real Estate, based in Newark, New Jersey, provided $103 million in fixed-rate financing to DRA Advisors, headquartered in New York, for the transaction.

*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.

No New Large Industrial Leases Across Philly Region

The Philadelphia region’s industrial market has experienced a significant shift in leasing trends

The Philadelphia region’s industrial market has experienced a significant shift in leasing trends. Historically, about five industrial leases exceeding 500,000 square feet were signed each year since 2015. But halfway into 2023, no industrial leases of that size cohort have been recorded.

Over the past six years, top retailers such as Amazon, Walmart and Burlington were responsible for the largest industrial leases in the region, with several lease deals surpassing 1 million square feet. In the past six months, however, retailers have applied the brakes on their leasing activity. Third-party logistics companies have become the primary renters of the largest spaces. Nevertheless, these leases have not reached the scale of the mega-warehouses seen in recent 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 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.

Largest Amazon Distribution Center to Open in Fall

Amazon plans to open its new distribution center in Southwest Philadelphia early this fall following a lengthy delay.

Amazon plans to open its new distribution center in Southwest Philadelphia early this fall following a lengthy delay. 

The facility at 6901 Elmwood Ave. will be Amazon’s largest in Philadelphia in terms of volume and employee headcount. The company said “several hundred” people will be employed at the 140,000-square-foot warehouse and it will initially handle 20,000 to 25,000 packages per day — a number Amazon expects will increase as operations expand.

*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.

Philadelphia I95 Collapses: Could Hurt East Coast Supply Chain

I95 collapse will affect the supply chain

Only one section of Interstate 95 collapsed in Northeast Philadelphia on Sunday morning, but the effects of the tragic infrastructure failure may reverberate across a wide area.

The collapse, which claimed one life and shut down I-95 around the Cottman Avenue exit indefinitely, has already disrupted the supply chain in the Northeast, U.S. Secretary of Transportation Pete Buttigieg said at a press conference near the site of the incident Tuesday.

*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 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 Purchase Quakertown Shopping Center

The 225,000-square-foot Richland Plaza is 90% vacant.

As tenants fled from the Richland Plaza shopping center in Quakertown, Velocity Venture Partners Founding Partner Zach Moore thought, “There’s got to be an opportunity here.”

At 90% vacant, Velocity acquired the 225,000-square-foot retail center for $16.7 million on Wednesday and plans to convert it into a multi-tenant industrial site. The entire project, combining the acquisition cost and construction costs would bring the project to $22 million, Moore said. He foresees a mix of warehouse distribution and specialty manufacturing tenants.

*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.

Bridge Industrial Starts on Construction for Two-Building Project in Philadelphia

Two-Building Project Adding More Than 750,000 Square Feet in Central Infill Location

Chicago-based Bridge Industrial, a privately owned real estate operating company and investment manager that acquires and develops industrial real estate in supply-constrained core industrial markets, has started construction on a two-building speculative development in Philadelphia named Bridgepoint Philadelphia. 

Bridge, which acquired the infill industrial site off Orthodox St. near the Betsy Ross Bridge with access to I-95 and New Jersey in 2022, is building a 740,701-square-foot, cross-dock facility with 40-foot clear height and 113 exterior docks at 2951 Orthodox St. and a smaller 148,611-square-foot, side-dock structure with a 36-foot clear height with 27 exterior docks. The large building is expected to be completed in December of this year and the smaller one in November.

*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.

Light Industrial Building Available for Sale in Philadelphia

6741 Essington Ave Philadelphia PA

Wolf Commercial Real Estate, the leading commercial real estate and advisory firm in South Jersey has been appointed the exclusive listing agent for 6741 Essington Ave in Philadelphia, Pennsylvania. The Philly property is available for sale, priced at $899,000.

The property is +/- 4,182 square-feet and is zoned I-2.

Features of 6741 Essington Ave in Philadelphia, Pennsylvania

6741 Essington Ave is a fully equipped auto body repair shop that is situated on .37 acres.

The retail/industrial property is ideal for an auto body shop or other light industrial manufacturing/distribution users. The building is near notable businesses like Dodge, Chrysler, CarVision, PPA, Chapman Nissan and The Parking Spot.

For more information about the lease price or a tour of the industrial space, please contact Eric Flocco, Vice President, at (609) 790-6940 or via email eric.flocco@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.

Port Receives Permit for Southwest Philadelphia Warehouse

Port Philadelphia Receives Permit for Warehouse

The Port of Philadelphia’s ongoing plan to expand its physical footprint is taking another step forward with the approval of a new warehouse. 

The port on Thursday received a zoning permit to build a storage, distribution and logistics facility on 3060 S. 61st St. by the Schuylkill River. The 277,200-square-foot warehouse is being planned on a more than 15-acre site at what is now an overflow parking lot owned by the Port of Philadelphia, according to plans filed with the city. It would also have 253 parking spaces. 

The Southwest Philadelphia warehouse and distribution facility would be built by DH Property Holdings, which has a number of other local industrial buildings in the works totaling more than 2 million square feet. 

*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.

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.