Property Sale, Development Represent a Total Capitalization of More than $115 Million
Industrial developer DH Property Holdings plans to build a sprawling last-mile distribution campus on the site of a former chemical plant in Philadelphia.
The company and its capital partner acquired a 69-acre parcel of land at 5000 Richmond St. that once housed a chemical refinery owned by Dow Inc., according to CoStar research. It plans to develop a 733,800-square-foot distribution campus on the land.
The land acquisition and development represent a capitalization of more than $115 million, according to the statement.
The Rohm and Haas Philadelphia Plant operated on the site from 1920 until 2011, according to the Environmental Protection Agency.
Rohm and Haas, a chemical manufacturer, was acquired by Dow in 2009, after which Dow assumed control of the plant until its closure. The plant was demolished in 2011, and Dow listed it for sale this year.
A construction timeline was not disclosed. The distribution center is planned in Northeast Philadelphia, where logistics properties account for approximately 10.5 million of the area’s 13.9 million square feet of space, according to CoStar research.
The region has also maintained a tight vacancy rate of 4.5%, according to CoStar research.
There is also no new industrial product underway in the area, which could allow the new development to capture some of the steady demand that remains in the Northeast.
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