Philadelphia I95 Collapses: Could Hurt East Coast Supply Chain

I95 collapse will affect the supply chain

Only one section of Interstate 95 collapsed in Northeast Philadelphia on Sunday morning, but the effects of the tragic infrastructure failure may reverberate across a wide area.

The collapse, which claimed one life and shut down I-95 around the Cottman Avenue exit indefinitely, has already disrupted the supply chain in the Northeast, U.S. Secretary of Transportation Pete Buttigieg said at a press conference near the site of the incident Tuesday.

*Article courtesy of Bisnow

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Velocity Venture Partners Purchase Quakertown Shopping Center

The 225,000-square-foot Richland Plaza is 90% vacant.

As tenants fled from the Richland Plaza shopping center in Quakertown, Velocity Venture Partners Founding Partner Zach Moore thought, “There’s got to be an opportunity here.”

At 90% vacant, Velocity acquired the 225,000-square-foot retail center for $16.7 million on Wednesday and plans to convert it into a multi-tenant industrial site. The entire project, combining the acquisition cost and construction costs would bring the project to $22 million, Moore said. He foresees a mix of warehouse distribution and specialty manufacturing tenants.

*Article courtesy of Philadelphia Business Journal

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Bridge Industrial Starts on Construction for Two-Building Project in Philadelphia

Two-Building Project Adding More Than 750,000 Square Feet in Central Infill Location

Chicago-based Bridge Industrial, a privately owned real estate operating company and investment manager that acquires and develops industrial real estate in supply-constrained core industrial markets, has started construction on a two-building speculative development in Philadelphia named Bridgepoint Philadelphia. 

Bridge, which acquired the infill industrial site off Orthodox St. near the Betsy Ross Bridge with access to I-95 and New Jersey in 2022, is building a 740,701-square-foot, cross-dock facility with 40-foot clear height and 113 exterior docks at 2951 Orthodox St. and a smaller 148,611-square-foot, side-dock structure with a 36-foot clear height with 27 exterior docks. The large building is expected to be completed in December of this year and the smaller one in November.

*Article courtesy of Costar

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Light Industrial Building Available for Sale in Philadelphia

6741 Essington Ave Philadelphia PA

Wolf Commercial Real Estate, the leading commercial real estate and advisory firm in South Jersey has been appointed the exclusive listing agent for 6741 Essington Ave in Philadelphia, Pennsylvania. The Philly property is available for sale, priced at $899,000.

The property is +/- 4,182 square-feet and is zoned I-2.

Features of 6741 Essington Ave in Philadelphia, Pennsylvania

6741 Essington Ave is a fully equipped auto body repair shop that is situated on .37 acres.

The retail/industrial property is ideal for an auto body shop or other light industrial manufacturing/distribution users. The building is near notable businesses like Dodge, Chrysler, CarVision, PPA, Chapman Nissan and The Parking Spot.

For more information about the lease price or a tour of the industrial space, please contact Eric Flocco, Vice President, at (609) 790-6940 or via email eric.flocco@wolfcre.com. To review the brochure, please click here.

Wolf Commercial Real Estate is a full-service CRE brokerage and advisory firm with a full range of commercial real estate listings and services. The firm handles a variety of properties including medical, office, industrial, retail and investment. WCRE represents buyers, landlords, investors, tenants and sellers and also provides property management services. For a full list of buildings and suites that are available for sale or lease, visit www.wolfcre.com.

Port Receives Permit for Southwest Philadelphia Warehouse

Port Philadelphia Receives Permit for Warehouse

The Port of Philadelphia’s ongoing plan to expand its physical footprint is taking another step forward with the approval of a new warehouse. 

The port on Thursday received a zoning permit to build a storage, distribution and logistics facility on 3060 S. 61st St. by the Schuylkill River. The 277,200-square-foot warehouse is being planned on a more than 15-acre site at what is now an overflow parking lot owned by the Port of Philadelphia, according to plans filed with the city. It would also have 253 parking spaces. 

The Southwest Philadelphia warehouse and distribution facility would be built by DH Property Holdings, which has a number of other local industrial buildings in the works totaling more than 2 million square feet. 

*Article courtesy of Philadelphia Business Journal

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Swiss Chocolate Manufacturer Becomes First Tenant at Delco Industrial Park

Swiss chocolate manufacturer takes entire building, becomes first tenant at new Delco industrial park

Global cocoa producer Barry Callebaut has signed a lease for 350,000 square feet at Eddystone’s Delco Logistics Center, taking up an entire building as the company grows its presence in the region and aims for more efficiency. It’s the first tenant at the Delco Logistics Center.

Barry Callebaut plans to use the warehouse space to store cocoa products and beans. The Delco Logistics Center, at 1500 E. 2nd St., is adjacent to where Barry Callebaut manufactures semi-finished cocoa products like cocoa liquor, cocoa butter and cocoa powder.

Zurich-based Barry Callebaut already leases the 388,000 square feet of factory and office space from Foxfield at 903 Industrial Highway, essentially next door.

*Article courtesy of Philadelphia Business Journal

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Small-Bay Industrial Market in Philly is Underserved

Philadelphia’s Small-Bay Industrial Market Underserved by Recent Construction

Amid headlines driven by the mega-leasing sprees of Amazon, Target, Walmart and other high-profile companies in recent years, industrial developers have increasingly catered to the massive bulk-warehouse segment so much in demand by these types of users.

However, one industrial property segment that has flown under the radar is those measuring 50,000 square feet or less, or small-bay industrial facilities. Small-bay spaces are the only industrial segment where vacancy and availability continue to shrink despite record levels of new construction underway.

Across Philadelphia’s small-bay industrial buildings, availability fell from an already-compressed 5.5% at the end of 2019 to where it sits at 4.5% entering the second quarter. Meanwhile, industrial properties exceeding 500,000 square feet have already hit a 16% availability rate across the Philadelphia region, fueled by the disproportionate levels of new construction underway.

Small-bay properties have also recorded the fastest pace of leasing, with 600 available spaces leasing within six months on average in the past year – down from eight months in 2019. Meanwhile, larger industrial spaces of over 100,000 square feet averaged 13 months across 40 listings during the same period. The volume and pace at which the market absorbs small-footprint industrial spaces are notable, suggesting this industrial segment is in high demand and is becoming sparser over time. Locally oriented distributors, suppliers and retailers have significantly driven this demand in the Philadelphia region.

*Article courtesy of Costar

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

West Conshohocken Oldies.com Building Sells for $7.85M

Oldies.com building in West Conshohocken sells for $7.85M

Velocity Venture Partners has acquired the Oldies.com building for $7.85 million with plans to market it to tenants seeking high-visibility industrial space.

The 56,000-square-foot West Conshohocken landmark at 60 Portland Road is located on 3 acres directly west of I-476. More than 115,000 vehicles pass by daily on that section of the Blue Route, making it one of the most visible buildings in the Philadelphia area.

Oldies.com put the property on the market almost a year ago after deciding it only needed about 5,000 to 10,000 square feet for its inventory of vinyl records, CDs, DVDs and other collectibles.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philadelphia Emerges as Top Industrial Market in Mid-Atlantic

Philadelphia Emerges as Top Mid-Atlantic Industrial Market in 2023

As of early 2023, Philadelphia is leading the Mid-Atlantic region in terms of industrial performance metrics, surpassing New York, Northern New Jersey, Washington D.C. and Boston. Philadelphia’s construction levels are now 400% above the three-year annual average before the pandemic. Driven by high market liquidity and e-commerce growth, industrial activity flourished throughout the country in recent years, particularly in areas near major ports, such as Philadelphia.

While fluctuating market conditions and increased construction expenses have led to a slowdown in financing and groundbreakings for some new projects, many that are already underway are continuing. Even though demand has softened, supply-side dynamics in early 2023 remain robust due to the delayed nature of real estate development.

The categories where Philadelphia has eclipsed other Mid-Atlantic markets include the most new industrial space added over the past 12 months, at 15.3 million square feet; the most new space under construction, at 27.7 million square feet; and the highest annual absorption volume, at 11.1 million square feet. Of the industrial property projects under construction in the Philadelphia region, approximately 25% have been pre-leased.

*Article courtesy of Costar

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

New Jersey Industrial Sales Totaled $149M, Second in the Nation

NJ Ranked #2 in Nation for Industrial Sales

The sales volume for industrial real estate in New Jersey totaled $149 million in January, the second highest figure in the nation to the San Francisco Bay Area. 

The data from property management software Yardi shows the Bay Area, New Jersey and Indianapolis had the highest volume of industrial real estate change hands by a wide margin. Transactions in the Bay Area totaled $169 million and in Indianapolis that number was $112 million. The three next largest sales totals in Columbus, Ohio ($50 million); Seattle ($48 million) and Charlotte, North Carolina, ($47 million) combined are still less than New Jersey’s total. Philadelphia had $4 million worth of industrial real estate sales, topping Northeast counterpart Boston at $3 million. 

The average sales price per square foot was $149 in Philadelphia and $202 in New Jersey. Average rents per square foot in Philadelphia and New Jersey were $6.98 and $9.21, respectively, in January. 

*Article courtesy of Philadelphia Business Journal

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.