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 »
Gambone Group has sold a portfolio of 43 of its industrial buildings in Montgomery County for a little more than $210 million, seizing on a market that is pricing warehouse and flex properties at unprecedented levels. MRP Industrial was the buyer in the off-market transaction, according to multiple sources. The properties total 1.4 million square… Read more »
A New Jersey investor has purchased 956 E. Erie Ave., a roughly 800,000-square-foot building on 19 acres in Northeast Philadelphia, with plans to tear down a portion of the existing structure and build 381,200 square feet of new warehouse space on speculation. The goal is to seize on the continued demand for industrial space, particularly… Read more »
Bimbo Bakeries USA has completed a new 71,218 square-foot facility in Conshohocken that will serve as its main distribution center in the Mid-Atlantic for a dozen of the company’s brands such as Sara Lee and Arnold. The building at 100 Academy Drive replaces its former distribution center at 1113 W. Ridge Pike, which was constructed… Read more »
Less than two years after buying a 65,856-square-foot building in Northeast Philadelphia for $4.4 million, Abrams Realty Development has sold it for $9.75 million. The value of the building at 13200 Townsend Road more than doubled, primarily as the result of a new tenant. Earlier this year, Amazon.com Inc. leased the entire structure for one… Read more »
Brandywine Realty Trust is proposing to develop two industrial buildings off of Roosevelt Boulevard in Northeast Philadelphia in a move that veers from its focus on developing and owning trophy office buildings. The Philadelphia real estate investment trust wants to build a 338,208-square-foot structure and a companion 330,700-square-foot structure at 15000 Roosevelt Blvd. on 50… Read more »
