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.

Wharton Industrial Expands Philadelphia Footprint

Wharton Industrial Expands Philly Area

Wharton Industrial continues to expand its Philadelphia-area holdings, buying a pair of fully leased warehouses in Pennsylvania and New Jersey totaling 325,000 square feet. 

The properties are at 9130 Griffith Morgan Lane in Pennsauken and 5 East Pointe Drive in the Berks County town of Birdsboro. Both deals involve sale-leasebacks. 

The 189,498-square-foot warehouse in Pennsauken was built in 1980 and most recently renovated in 2020, with upgrades including solar panels on the roof and air conditioning to climate control the entire building. New York-based Wharton Industrial acquired the property from Kayco, a national wholesaler and distributor of kosher foods that owns the Manischewitz and Kedem brands. A subsidiary of Kayco will lease back the property. Wharton Industrial declined to disclose the purchase price for the building and the deal has not yet been recorded with Camden County. 

*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.

Hilco Expands Holdings at Bellwether Site

Hilco Industrial Southwest Philadelphia

An 11.4-acre industrial property in Southwest Philadelphia near the planned Bellwether District was recently purchased for $35 million by an entity affiliated with Hilco Redevelopment Partners, the company behind the ambitious project. 

The nearly 70,000-square-foot warehouse at 1600 S. Warfield St. sits just north of the edge of the former Philadelphia Energy Solutions refinery site, which altogether spans 1,300 acres and shuttered after an explosion and massive fire at the site in June 2019. 

Property records show HRP also recently paid $1.5 million for an adjacent parcel at 3433 Moore St., which shares the same lot as 1600 S. Warfield St. The property spans 1.5 acres. 

*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.

Vitamin Manufacturer Expands in Northeast Philadelphia

Vitamin company buys TJX warehouse in NE Philadelphia

A California vitamin manufacturer is expanding in Northeast Philadelphia, leasing a 180,171-square-foot distribution center currently occupied by TJX Cos. 

International Vitamin Corp. is moving into 2801 Red Lion Road in the first quarter of 2023, growing from the roughly 110,000 square feet it currently occupies nearby at 10101 Roosevelt Blvd. The company will occupy the entire building. 

The Irvine, California, company touts itself as the No.1 manufacturer of store brand vitamin and nutritional supplements in the U.S.

TJX Cos., the parent company of TJ Maxx, Marshall’s and Homegoods, company is leaving 2801 Red Lion Road after 11 years. The company is in the process of relocating to a recently completed 282,737-square-foot build-to-suit distribution center at 9801 Blue Grass Road just steps from the Red Lion Road facility. The move is expected to be completed by year’s end. New York-based DH Property Holdings in collaboration with Bridge Development of New Jersey developed the project. 

*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.

Port of Philadelphia Plans to Build New 100,000 SF Warehouse

The facility will be funded through a $20.3 million grant awarded to PhilaPort under the U.S. Department of Transportation’s 2022 Infrastructure for Rebuilding America program. A portion of the funding will also be used toward safety and efficiency upgrades with the modernization of the Tioga Marine Terminal’s main gate. 

Construction of the new warehouse is expected to begin in 2024. The project was developed in a joint effort between PhilaPort and the facility’s terminal operator, Delaware River Stevedores. 

*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.