A newly renovated industrial building in North Philadelphia leased by Amazon.com Inc. has been acquired for nearly $28 million, more than three times the amount it sold for in 2020. Irvine, California-based LBA Realty purchased 700 Ramona Ave. from SBG Real Estate LLC. The 17.5-acre property is fully leased by Amazon (NASDAQ: AMZN) and includes… Read more »
COFCO has sold its 64,000-square-foot warehouse that also served as its corporate headquarters and showroom at 2200 N. American St. in the Kensington neighborhood of Philadelphia for $8.75 million. The corporate office furnishings dealer bought the building in the fall of 1999 for $1.5 million. Brick Capital Real Estate Development, a Philadelphia developer of multifamily… Read more »
In December 2020, DH Property Holdings bought 67 acres at 5000 Richmond St. in the Bridesburg section of Philadelphia and is now ready to move forward with a $120 million speculative development of two large warehouse-distribution buildings. One building will total 348,000 square feet and the other 411,0000 square feet, joining upwards of 15 million… Read more »
Wharton Equity Partners has acquired a 200,000-square-foot industrial building in Croydon for $22.5 million and plans a series of upgrades to the property that has been owned and occupied by the same company for nearly three decades. Mid-Atlantic Distribution, a third-party logistics company headquartered in Pennsauken, New Jersey, sold the building at 2955 State Road… Read more »
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 »
Giant Co. has opened a 124,000-square-foot automated fulfillment center in the Eastwick section of Philadelphia and will use it as a test pilot for future facilities. Giant’s parent company, Ahold Delhaize, is exploring adding similar e-commerce distribution centers across its brands and will monitor the Philadelphia operation for areas that might need adjustment. Regardless of… 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 »
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 »
