The Giant Co. has opened a new Giant Direct e-commerce fulfillment center at 3501 Island Ave. in Philadelphia. The facility is set to serve more customers in Philadelphia and, for the first time in its 98-year history, in southern New Jersey. The 124,000-square-foot facility features state-of-the-art technology, such as robotics, machine learning and vertical integration, according to… Read more »
While many office towers and shopping centers are facing record-high vacancies resulting from the pandemic, a nationwide shortage of industrial space is taking hold across the country, according to data from CoStar, the parent company and publisher of LoopNet. Industrial properties have emerged as a premier asset class with the surge in online shopping; e-commerce… Read more »
In 2018, early in its quest to accumulate a sizable amount of industrial real estate, Arden Group paid $45 million for 12 buildings totaling 607,890 square feet in Bucks County. Since then, Arden has amassed a portfolio of 32 properties totaling 7 million square feet across nine markets and has now parlayed that into an… Read more »
Philadelphia’s industrial market continues to break records, with leasing running well ahead of new construction and rent growth of 12% over the past 12 months, ranking it among the fastest of any major market in the United States. But the industrial market’s most notable milestones of the third quarter centered around sales pricing. With the office… Read more »
A 454,456-square-foot industrial building in Northeast Philadelphia has sold for $33.54 million after attracting a dozen offers. A joint venture between two New York firms, Ajax Advisors and Brickman Associates. The building at 11200 Roosevelt Blvd. sits on 25 acres and was fully occupied at the time of the sale to such tenants as Philadelphia… Read more »
Faropoint, an Israeli real estate company that first entered the Philadelphia market a year ago, has dropped another $75 million to add 19 industrial buildings totaling 904,000 square feet to its growing portfolio of last-mile distribution centers throughout the region. The company last year spent more than $50 million to buy 11 industrial properties between… Read more »
A New York real estate firm bought a truck terminal in Philadelphia for $3.5 million, marking the company’s first acquisition in the city as it plans to quickly expand its industrial holdings here. Imperium Capital’s IG Logistics bought 3200 S. 70th St., a four-acre property that had been owned and used by XTL Inc., a… Read more »
A partnership involving a New York firm and a local investor has picked up three adjacent industrial properties totaling 218,961 square feet in Philadelphia for $9.6 million. Bash Capital and West Chester-based investor Joseph A. Cunane bought 20 Jackson St., a 79,431 square-foot building; 38 Jackson St., a 76,620-square-foot building; and 21 Wolf St., a 62,910-square-foot building…. Read more »
EQT Exeter has picked up an eight-building industrial portfolio in Naamans Creek Business Center in Boothwyn for $48.45 million. The seller of the buildings, which total 265,757 square feet on 45 acres and were 100% leased at the time of sale. The properties are located off Route 322 and just a short distance from Interstate… Read more »
When InterPark Holdings put 4700 Island Ave. in Philadelphia up for sale, the company had decided the property’s future lay beyond serving as off-site parking for those flying in and out of Philadelphia International Airport. The 271,000-square-foot building on nearly 19 acres had originally been developed decades ago as a refrigeration facility before InterPark operated… Read more »
