Quaker Valley Foods sold its 241,000 SF cold storage warehouse at 2701 Red Lion Road, Northeast Philadelphia, for $41M in a sale-leaseback deal, ensuring continued operations. Phoenix-based Fundamental Income acquired the 40-year-old property, which Quaker Valley purchased in 2004 for $9.8M. The sale price equates to approximately $170 per SF. *Article courtesy of Philadelphia Business… Read more »
Harrisburg, Pennsylvania, has seen remarkable growth in its commercial real estate market over the past decade, with total sales volume climbing from around $501 million in 2014 to $861 million so far this year. Adjusted for inflation, this marks a growth of over 30% during the period. The industrial sector remains a dominant force in… Read more »
For the first time in two years, the industrial vacancy rate in the Philadelphia region has declined, dropping from 7% to 6.5% in the third quarter, per Colliers. This shift reflects increased tenant demand, particularly from third-party logistics companies, many based in Asia, that were previously priced out of the Northeast. These companies accounted for… Read more »
In contrast to national trends, Philadelphia’s industrial development has rebounded significantly in recent quarters. After hitting a three-year low at the end of 2023, the region’s active industrial construction pipeline has surged by 28%. As of Q3 2024, over 17.3 million square feet across 55 industrial buildings are under construction in the Philadelphia metropolitan area,… Read more »
In the first half of 2024, Philadelphia’s industrial real estate market saw a shift as investors prioritized small-bay warehouses over larger box properties. Small-bay warehouses, defined as 50,000 square feet or less, made up 86% of industrial sale transactions, a significant rise from the 10-year average of 77%. In contrast, larger warehouses over 250,000 square… Read more »
While headlines and reports often highlight mega-warehouses, Philadelphia’s small-bay industrial market has quietly flourished. These facilities, typically under 50,000 square feet, are the most sought-after segment, yet availability is limited, leading to a shrinking market for companies in need of smaller industrial spaces. Since 2022, construction has predominantly centered on “big-box” warehouse facilities, those exceeding… Read more »
Demand has surged in Pennsylvania’s top industrial markets, leading to a wave of new development. Last year saw a record number of completions, adding over 110 million square feet of industrial space in the past four years across Philadelphia, Lehigh Valley, the I-81 Corridor, Harrisburg, and York. Philadelphia, the ninth largest U.S. industrial market, experienced… Read more »
Stateside Vodka is moving its longstanding Philadelphia headquarters to a new location, expanding its operations space by 900%. The Olde Kensington distiller has secured a long-term lease for a 40,000-square-foot building in Northeast Philadelphia. This space is being developed by real estate investment firm East Capital Partners, according to CEO Clement Pappas in an interview… Read more »
Crow Holdings Development has acquired a 14.4-acre parcel in Northeast Philadelphia for $8 million, intending to construct a 150,000-square-foot industrial facility. The Dallas-based real estate investment firm purchased the site, located at 14515 McNulty Road, from the Philadelphia Authority for Industrial Development, a subsidiary of the quasi-public Philadelphia Industrial Development Corp. Clark Machemer, Senior Managing… Read more »
After a robust year of building completions in 2023, the pace of industrial development in Philadelphia has notably decelerated in early 2024. Escalating financing costs and an accumulation of unleased inventory have instilled a sense of caution among developers, particularly as industrial rent growth experiences a slowdown across the market. The exuberant industrial leasing period… Read more »
