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 »
Philabundance, a nonprofit working against food insecurity across the region, has leased a 130,000-square-foot building in the Roxborough neighborhood of Philadelphia that will double its food distribution network. The nonprofit signed a deal at 401-415 Domino Lane, a building that had been used by Penn Beer Distributors and where Night Shift Brewing, a Boston-based craft… Read more »
Target Corp. has leased a 331,428-square-foot warehouse-distribution center in Upper Merion that was built on speculation, according to township officials. Novaya Foxfield Industrial, an affiliate of Boston-based Novaya Real Estate Ventures, is building the structure at 900 River Road. The project is expected to be completed by the end of the year. Target (NYSE: TGT)… Read more »
A New York real estate firm bought a truck terminal in Philadelphia for $3.5 million, marking the company’s first acquisition in the city as it plans to quickly expand its industrial holdings here. Imperium Capital’s IG Logistics bought 3200 S. 70th St., a four-acre property that had been owned and used by XTL Inc., a… Read more »
A partnership involving a New York firm and a local investor has picked up three adjacent industrial properties totaling 218,961 square feet in Philadelphia for $9.6 million. Bash Capital and West Chester-based investor Joseph A. Cunane bought 20 Jackson St., a 79,431 square-foot building; 38 Jackson St., a 76,620-square-foot building; and 21 Wolf St., a 62,910-square-foot building…. Read more »
PhilaPort has topped off a $42 million, 201,621-square-foot distribution center that is under construction at the Packer Avenue Marine Terminal. The milestone means the last piece of steel has been installed in the construction of the building under development at 455 Pattison Ave. in South Philadelphia. Haines & Kibblehouse, a Skippack construction company that has… Read more »
EQT Exeter has picked up an eight-building industrial portfolio in Naamans Creek Business Center in Boothwyn for $48.45 million. The seller of the buildings, which total 265,757 square feet on 45 acres and were 100% leased at the time of sale. The properties are located off Route 322 and just a short distance from Interstate… Read more »
When InterPark Holdings put 4700 Island Ave. in Philadelphia up for sale, the company had decided the property’s future lay beyond serving as off-site parking for those flying in and out of Philadelphia International Airport. The 271,000-square-foot building on nearly 19 acres had originally been developed decades ago as a refrigeration facility before InterPark operated… Read more »
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 »
