A Northeast Philadelphia distribution center occupied by TJX Cos. has been acquired by a Spanish billionaire for $148.1 million, a 53% increase over what the property traded for three years ago. Phoenix-based VeREIT sold the 1.015-million-square-foot center at 2760 Red Lion Road to Ponte Gadea Compass LLC, property records show. The latter is a Miami… Read more »
BG Capital in partnership with FreezPak Logistics plans to develop a new $85 million cold storage facility in the Port Richmond neighborhood of Philadelphia as part of a broader, $1 billion effort to build a network of cold storage distribution centers across the country. Construction of the Port Richmond building is expected to get underway… Read more »
NFI Industries Inc. will occupy the Quakertown Logistics Center, a newly constructed 264,600-square-foot building just off the Quakertown Interchange of I-476. The process that led NFI to take the space was circuitous but reflects the sometimes fast-changing needs of companies that manage the distribution of products for clients. In July 2020, the Camden-based trucking and… Read more »
DH Property Holdings has paid $24 million for 200 Pattison Ave., a fully-occupied, 96,000-square-foot warehouse in South Philadelphia. The New York real estate company bought the property from Ivy Holdings, which had acquired the cold storage facility in 2019 for $7.2 million. The recent sale reflects a 233% increase over 2019. Prior to that, the… Read more »
Bridge Investment Group of Salt Lake City paid $33.25 million for 11311 Roosevelt Blvd., a 229,459-square-foot warehouse in Philadelphia, according to city property records. It bought the building from Covington Property Partners, a Dallas company that acquired it in February 2021 for $12.5 million. Covington purchased the building through a bankruptcy sale of National Publishing… Read more »
The Oldies.com building, a highly visible property from the Blue Route when headed south and known for its moniker emblazoned across the structure, has been put up for sale. The owner of the 52,000-square-foot building at 60 Portland Road in West Conshohocken has decided the company no longer needs as much space to distribute the… Read more »
An investment group led by a Connecticut real estate firm has paid $25 million for 1771 Tomlinson Road and 11500 Roosevelt Blvd., two expansive industrial properties in Northeast Philadelphia. With this off-market acquisition, Brickman of Greenwich now controls 960,480 square feet on a total of 54.43 acres across three properties in Northeast Philadelphia that are… Read more »
Bridge Industrial plans to build nearly 900,000 square feet of industrial space in the Bridesburg section of Philadelphia, continuing an established trend of developers expanding into the city. The Chicago-based developer is scheduled to go before Philadelphia’s Civic Design Review Committee on Feb. 1. Bridge Industrial is proposing 889,312 square feet at 4501 Richmond St…. Read more »
Since 2006, Ward Fitzgerald has overseen the growth of Conshohocken-based Exeter Property Group into EQT Exeter, a global real estate company focused on industrial real estate though it also dabbles in residential, office and life sciences space. The company was formed last year after Exeter Property Group sold to Stockholm private equity firm EQT AB in… Read more »
Two year-end acquisitions of several Northeast Philadelphia properties that totaled $45 million contributed to the region having another record year in industrial sales with $3.24 billion warehouse-distribution properties trading. Faropoint picked up two buildings totaling nearly 275,000 square feet. The properties included 327 Chew Ave., a 170,390-square-foot building in the Fox Chase section of Philadelphia,… Read more »
