DH Property Holdings has paid $24 million for 200 Pattison Ave., a fully-occupied, 96,000-square-foot warehouse in South Philadelphia.
The New York real estate company bought the property from Ivy Holdings, which had acquired the cold storage facility in 2019 for $7.2 million. The recent sale reflects a 233% increase over 2019. Prior to that, the last time it sold was in 1988 when Bloomfield Holdings Inc. bought it for $2.1 million.
Bridge Investment Group of Salt Lake City paid $33.25 million for 11311 Roosevelt Blvd., a 229,459-square-foot warehouse in Philadelphia, according to city property records.
It bought the building from Covington Property Partners, a Dallas company that acquired it in February 2021 for $12.5 million. Covington purchased the building through a bankruptcy sale of National Publishing Co.’s assets. National had used the space as a warehouse and distribution center.
After the sale to Covington, the City of Philadelphia leased the building for 16 years and has two 5-year extension options. The city is using it as a storage facility for equipment.
The first year’s annual base rent is $1.91 a square foot and totals $438,798, according to an ordinance that Philadelphia City Council signed off on when approving the lease on June 17, 2021. From there, rents rise to $6.26 a square foot in the second year and top out at $12.43 a square foot by the end of 26 years if the city executes on the two options to extend the lease.
*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 websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
The Oldies.com building, a highly visible property from the Blue Route when headed south and known for its moniker emblazoned across the structure, has been put up for sale.
The owner of the 52,000-square-foot building at 60 Portland Road in West Conshohocken has decided the company no longer needs as much space to distribute the vinyl records, compact discs, DVDs and other collectables. Oldies.com needs about 5,000 to 10,000 square feet and has decided to put the property on the market.
The industrial market, which consists of large and small warehouses and distribution centers, has never been hotter across the region. The overall vacancy rates stands at 3.7% and average asking rents are $8.86 a square foot, which is up 4% quarter over quarter.
*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 websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
An investment group led by a Connecticut real estate firm has paid $25 million for 1771 Tomlinson Road and 11500 Roosevelt Blvd., two expansive industrial properties in Northeast Philadelphia.
With this off-market acquisition, Brickman of Greenwich now controls 960,480 square feet on a total of 54.43 acres across three properties in Northeast Philadelphia that are within close proximity of each other.
Last September, a separate Brickman investment group paid $33.39 million for 11200 Roosevelt Blvd., a 454,353-square-foot industrial building on 26 acres. In the most recent acquisition, the property at 11500 Roosevelt totals 298,627 square feet on 12.88 acres. The building was developed in 1965. The other property at 1771 Tomlinson totals 207,500 square feet on 15.25 acres. It was also built in 1965 and had formerly been occupied by Fisher Auto Parts.
*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 websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
WCRE is proud to have exclusively represented CE Craft, LLC, in the leasing of 7,000 square feet of warehouse and industrial production space located at the 422 Business Center from Suburban Management Company.
CE Craft design, manufacture and distribute custom candles for both end consumers and businesses. CE Craft designs custom scents and creative labels that can be customized to reflect a company’s brand, or for friends and families. CE Craft also has a ready main line of creatively named candles with distinct scents.
CE Craft selected 422 Business Center given they had the perfect warehouse space, with 2 dock high doors and 18’ clear. In addition, the space features a well-appointed office for their label design, printing, and administrative needs.
422 Business Center is conveniently located, has a host of amenities, and provides direct access to 422, not far from the interchange of the Valley Forge interchange of the PA Turnpike, I-76, and Route 202.
This transaction adds to WCRE’s growing number of industrial and warehouse distribution transactions in the Philadelphia and Southern New Jersey region.
Todd Monahan, Executive Vice President and Managing Director at WCRE represented the tenant in this transaction.
NorthBridge Partners has spent nearly $44 million to add two more industrial properties to its growing footprint in the Philadelphia area.
Entities affiliated with the Boston real estate company paid $22 million for 2828 Charter Road, a 248,000-square-foot building on 19 acres in Northeast Philadelphia, and $21.8 million for 1050 Wheeler Way, a 110,000-square-foot building on 10 acres in Langhorne, according to property records. A representative from the company couldn’t be reached for comment.
Bridge Industrial plans to build nearly 900,000 square feet of industrial space in the Bridesburg section of Philadelphia, continuing an established trend of developers expanding into the city.
The Chicago-based developer is scheduled to go before Philadelphia’s Civic Design Review Committee on Feb. 1. Bridge Industrial is proposing 889,312 square feet at 4501 Richmond St. The property is zoned industrial and the project is designed to comply with the underlying industrial zoning, making it a by-right plan.
Over the next five years, a total of 35 new buildings with a combined 15.4 million square feet are expected to be added to the Northeast Philadelphia industrial market, swelling its size to more than 90 million square feet, according to Avison Young data. The development of 4501 Richmond will contribute to that increase.
*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 websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
Since 2006, Ward Fitzgerald has overseen the growth of Conshohocken-based Exeter Property Group into EQT Exeter, a global real estate company focused on industrial real estate though it also dabbles in residential, office and life sciences space. The company was formed last year after Exeter Property Group sold to Stockholm private equity firm EQT AB in a $1.9 billion deal.
Fitzgerald, who was with Liberty Property Trust prior to forming Exeter, has had a front-row seat to Philadelphia’s real estate scene and, as CEO of EQT Exeter, a first-hand view from a national and international perspective.
*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 websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
A South Jersey building used as a distribution center for Rite Aid Corp. and a Bucks County building leased by AstraZeneca is among six Philadelphia-area properties that are part of a 58-building industrial portfolio recapitalized for $423.5 million.
Taurus Investment Holdings, a Boston real estate investment firm, owns a portfolio that totals 3.96 million square feet and, in addition to Philadelphia region, the buildings are located in Chicago, Atlanta, Dallas, and Houston. MetLife refinanced the portfolio.
Taurus bought the properties in 2020 and they are 95% occupied with 109 tenants. The six Philadelphia properties total 431,469 square feet and are 100% occupied. They are located in two of the region’s highly sought-after industrial markets of Bucks County and South Jersey.
*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 websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
Two year-end acquisitions of several Northeast Philadelphia properties that totaled $45 million contributed to the region having another record year in industrial sales with $3.24 billion warehouse-distribution properties trading.
Faropoint picked up two buildings totaling nearly 275,000 square feet. The properties included 327 Chew Ave., a 170,390-square-foot building in the Fox Chase section of Philadelphia, and a 104,500-square-foot building at 1211 Ford Road in the Bridgewater Industrial Park in Bensalem.
Greek Development separately bought six buildings totaling 173,128 square feet on 15 acres. The acquisition adds to Greek’s presence in the area. It bought last June a nearby 305,706-square-foot industrial building at 2121 Wheatsheaf Lane.
*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 websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
