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 »
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 »
When Connor Lord first arrived at the Amazon Fulfillment Center in West Deptford Township, he was staggered by the sheer size of the place. After driving through the traffic light to the north of the warehouse, its massive bulk dwarfed everything else in this stretch of suburban South Jersey. “It’s intimidating at first seeing this… Read more »
As Bridge Development Partners begins construction on the second and final phase of Bridge Point 78 in central New Jersey, the real estate company is turning its attention to Philadelphia. The Chicago-based developer, in partnership with DH Property Holdings, landed a lease with TJX Cos. last year for a 283,000-square-foot build-to-suit at 9801 Blue Grass Road in… Read more »
International Paper Co. has paid $11.6 million for a 415,700-square-foot warehouse in West Sadsbury, a rural enclave on the far western edges of Chester County where it abuts Lancaster County. The building at 4581 Lower Valley Road was sold by VMM Eckman Management, an entity affiliated with J.D. Eckman, a Reading company that does highway… Read more »
With a fresh round of stimulus checks hitting households’ bank accounts, retail spending surging and consumers still gravitating towards online shopping as a means of social distancing, the economic backdrop could hardly be more supportive of the burgeoning distribution sector. Even as the volume of distribution centers under construction has skyrocketed by 70% in the Philadelphia… Read more »
Demonstrating continued demand for infill facilities across the greater Philadelphia region, a recently redeveloped last-mile distribution center fully leased by Amazon in Levittown has sold for $21.3 million, more than double the price it fetched when it last traded hands in 2019. Built in 1963, the last-mile distribution facility underwent a multimillion-dollar renovation between 2018… Read more »
PhilaPort plans to break ground on Thursday on a new $42 million, 201,621-square-foot distribution center that is part of a broader capital investment program at the port. The building at 445 Pattison Ave. will be leased to Holt Logistics Corp. as part of the company’s lease at the Packer Avenue Marine Terminal. The facility will… Read more »
