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 »
Despite a 57% annual sales decline in 2023, industrial properties in the Philadelphia region maintained their status as the preferred asset class. The industrial sector is poised to exhibit resilience in the upcoming quarters, contrasting with a general slowdown in sales across all property types. The strength of the industrial sector can be attributed to… Read more »
A Houston-based real estate firm has completed the acquisition of a warehouse in Northeast Philadelphia with intentions to demolish and redevelop it into a larger industrial facility. This acquisition, situated at 10101 Roosevelt Blvd., marks an expansion for Lovett Industrial within the Philadelphia market. Spanning 14.5 acres, the firm intends to dismantle the existing 109,000-square-foot… Read more »
Two years after the acquisition of a 305,706-square-foot industrial building in Northeast Philadelphia for $31.5 million, Greek Real Estate Partners has initiated a significant redevelopment. The original structure has been demolished to make way for a new 287,000-square-foot warehouse at 2121 Wheatsheaf Lane, with an estimated construction cost of around $50 million, according to David… Read more »
In response to a confluence of factors, including increased borrowing and construction expenses, coupled with diminishing demand for warehouse space, Philadelphia’s industrial development is beginning to exhibit early indications of a slowdown. Over the last two quarters, the Philadelphia industrial sector has witnessed an average of just 665,000 square feet in construction starts, a stark… Read more »
The recent construction boom of industrial space across the Philadelphia region has posed lease-up challenges as supply continues to outpace demand for the fifth consecutive quarter. In the past year, greater Philadelphia’s industrial real estate market has experienced an unprecedented surge in new inventory, with developers adding more than 20 million square feet of industrial… Read more »
Stag Industrial, a Boston-based investment trust, bought a 152,625-square-foot industrial building in Harleysville for $14.8 million, according to property records. The property at 1510 Gehman Road is just east of I-476 and south of Detwiler Road. It was previously owned by Platinum Owner PA LLC, which bought the building for $15 million in December 2020…. Read more »
Rent growth across Philadelphia’s commercial properties has exhibited a roller-coaster-like trajectory since the onset of the pandemic, which saw numerous new rent records in recent years. While the region’s overall rent performance has since normalized toward pre-pandemic levels in recent quarters, the industrial sector in Philadelphia stands out as an exception with its annual rent… Read more »
Alliance HP has sold three industrial buildings in Eastwick near the Philadelphia International Airport for a combined $24.7 million, or 86% more than it paid two years ago. The buildings total 122,373 square feet. A buyer could not be determined and the sale has not yet been recorded in public records. The three Philadelphia buildings… Read more »
