Flush with cash from stimulus checks and record savings accrued while social distancing, U.S. households continue to spend at record levels on consumer goods heading into the second half of 2021. This spending splurge is also driving voracious demand for logistics space, pushing Philadelphia’s industrial vacancy rate below 5% for the first time on record… Read more »
Gambone Group has sold a portfolio of 43 of its industrial buildings in Montgomery County for a little more than $210 million, seizing on a market that is pricing warehouse and flex properties at unprecedented levels. MRP Industrial was the buyer in the off-market transaction, according to multiple sources. The properties total 1.4 million square… Read more »
Bimbo Bakeries USA has completed a new 71,218 square-foot facility in Conshohocken that will serve as its main distribution center in the Mid-Atlantic for a dozen of the company’s brands such as Sara Lee and Arnold. The building at 100 Academy Drive replaces its former distribution center at 1113 W. Ridge Pike, which was constructed… Read more »
Less than two years after buying a 65,856-square-foot building in Northeast Philadelphia for $4.4 million, Abrams Realty Development has sold it for $9.75 million. The value of the building at 13200 Townsend Road more than doubled, primarily as the result of a new tenant. Earlier this year, Amazon.com Inc. leased the entire structure for one… Read more »
Brandywine Realty Trust is proposing to develop two industrial buildings off of Roosevelt Boulevard in Northeast Philadelphia in a move that veers from its focus on developing and owning trophy office buildings. The Philadelphia real estate investment trust wants to build a 338,208-square-foot structure and a companion 330,700-square-foot structure at 15000 Roosevelt Blvd. on 50… Read more »
As Bridge Development Partners begins construction on the second and final phase of Bridge Point 78 in central New Jersey, the real estate company is turning its attention to Philadelphia. The Chicago-based developer, in partnership with DH Property Holdings, landed a lease with TJX Cos. last year for a 283,000-square-foot build-to-suit at 9801 Blue Grass Road in… Read more »
In an improving economy, industrial property can change hands frequently. In a declining one, industrial property owners may be forced to wind up operations and close the facility. If you own or intend to purchase or shut down an industrial facility in New Jersey, pay particular attention to the provisions contained in the state’s Industrial Site Recovery… Read more »
