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.

Northeast Philly Distribution Center Sells for $148M

A Northeast Philadelphia distribution center occupied by TJX Cos. has been acquired by a Spanish billionaire for $148.1 million, a 53% increase over what the property traded for three years ago.

*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.

Bucks County Logistics Firm Leases 200,000 SF Building

Wharton Industrial Expands Philly Area

Less than a year after buying a 200,000-square-foot industrial building in Croydon, Wharton Equity Partners has landed a new tenant for the vacant property.

Jillamy Inc., a third-party logistics company based in Chalfont, toured the building at 2955 State Road and signed a lease eight days later. The company takes occupancy Sept. 8. “It was a very fast-moving process,” said Nick Aileo, director of acquisitions for Wharton Equity.

The pace of the deal underscores continued demand for well-located industrial space throughout the region despite some skittishness in the economy. The building is within proximity to I-95, Route 1, the Pennsylvania Turnpike as well as the Burlington-Bristol Bridge leading into Southern Jersey and is adjacent to rail.

*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.

BG Capital partners with FreezPak on new cold storage projects