This Week’s Philadelphia Deal Sheet: Veho Leases 149K SF Warehouse In Northeast Philly
Bridge Industrial has delivered a hefty Northeast Philadelphia warehouse to the last-mile logistics company Veho.
The tech firm signed a lease for the 149K SF space in the Bridge Point Philadelphia campus at 2951 Orthodox St., according to a press release. The site also has a divisible 741K SF industrial space that is still available for rent.
Bridge Industrial bought the site in the shadow of the Betsy Ross Bridge in March 2022. The company then began remediating the property and constructing the LEED Gold-certified buildings, which were completed in March 2024.
“The previously abandoned site required extensive environmental and geotechnical remediation which necessitated partnering with the City of Philadelphia on the detailed rezoning process,” Jeff Milanaik, a partner at Bridge Industrial focused on the Northeast, said in the release.
Larry Maister and Kyle Lockard of JLL represented Bridge Industrial for the transaction. Barrett Stephan and Brian Hilger from KBC Advisors brokered the deal on behalf of Veho.
SALES
Peakstone Realty Trust recently entered the industrial outdoor storage market by purchasing a 51-property portfolio spread across 14 states for $490M. The deal included eight sites in Philadelphia, Montgomery County and South Jersey, a spokesperson for the company told Bisnow.
J.P. Morgan Asset Management advised Alterra IOS and institutional investors on the sale. Bank of America Securities guided Peakstone, which also received legal counsel from O’Melveny & Myers LLP, Latham & Watkins LLP and DLA Piper.
The local properties were:
- 6815 Essington Ave. in Philadelphia
- 6800 Essington Ave. in Philadelphia
- 6717-6721 and 6724 Norwitch Drive and 6729-6733 Essington Ave. in Philadelphia
- 3030 Unionville Pike in Hatfield
- 2750 Bethlehem Pike in Hatfield
- 1922 River Road in Burlington
- 511 Neck Road in Burlington
- 4450 Route 130 in Burlington
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BET Investments spent $17M on the Conshohocken Ridge Corporate Center with plans to redevelop the six-building office park with new apartments and retail spaces, the Philadelphia Business Journal reported.
The tentative plans for the site at 625 W. Ridge Pike include 20K SF to 30K SF of retail and as many as 200 new apartments. BET purchased the property from EQT Exeter.
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Andover Properties has purchased a self-storage portfolio with 468K SF of rentable space that includes three properties in metro Philadelphia, CityBiz reported.
JLL’s national self-storage team represented the previous owners, Metro Self Storage and Heitman LLC, and identified Andover Properties as the buyer. The properties were part of the Metro Self Storage brand but will now be part of Andover’s Storage King USA lineup.
The properties include 1354 Hook Road in Sharon Hill, 3952 N. Providence Road in Newtown Square and 4440 E. Bristol Road in Trevose.
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Affiliates of Endurance Real Estate Group and Greystar-Thackeray have acquired a 200K SF light industrial portfolio with six buildings in West Norriton.
“The infill nature of the portfolio in a submarket where we have first-hand experience with similar type assets, make it a compelling opportunity,” Endurance President Benjamin Cohen said in a release.
Cushman & Wakefield represented the seller, with a team that included Gerry Blinebury, Jonas Skovdal, John Alascio and Aaron Graves. T.J. Sullivan, also from Cushman & Wakefield, helped the buyer with financing.
LEASES
Legal firm Goodwin Procter LLP was the first tenant to move into Brandywine Realty Trust’s recently completed building at 3025 John F. Kennedy Blvd., the Philadelphia Business Journal reported. The tenant signed a 12.5-year lease for 31K SF on the skyscraper’s seventh and eighth floors. The 17 floors of residential units in the tower are already 86% leased.
The property is part of Brandywine’s 14-acre, $3.5B Schuylkill Yards project, a partnership with Drexel University.
FINANCING
CBRE has arranged a $47.5M bridge loan for a 205-unit rental property on Horseshoe Pike in Downingtown that is being refinanced.
Matthew Klauer and Cassandra Russell of CBRE coordinated the financing for the deal’s sponsor, Fernmoor. The loan will be provided by an entity owned by Argentic Investment Management LLC.
THIS AND THAT
Philadelphia’s Division of Housing and Community Development is seeking proposals to finance units for low-to-moderate-income households. The agency wants to provide gap financing for projects seeking low-income housing tax credits from the Pennsylvania Housing Finance Agency.
The deadline for applications is Feb. 11. All potential applicants are encouraged to attend an in-person presubmission briefing at 1234 Market St. at 2 p.m. on Nov. 18. They can RSVP by emailing mirta.duprey@phila.gov.
