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… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
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…. Read more »
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… Read more »
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…. Read more »
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… Read more »
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… Read more »
