Lovett Industrial, the Houston-based real estate investment firm, recently acquired a 109,000 square foot manufacturing facility on 14.5 acres of land in Philadelphia, Pennsylvania. The company plans to redevelop the property into a class A, 176,000 square foot rear-loaded industrial facility, which will be uniquely positioned to address growing industrial tenant demand in infill Philadelphia.
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Lovett Industrial plans to redevelop the 109,000 square foot manufacturing facility into a class A, 176,000 square foot rear-loaded industrial facility. (Photo: Business Wire)
The project’s unique location at the southeast corner of Highway 1 and Red Lion Road in northeast Philadelphia boasts direct access to downtown Philadelphia and the broader market via Highway 1 and the I-276 Turnpike, as well as quick access to I-95. Positioned 20 minutes from downtown and surrounded by a population of roughly 1.4 million people within a 10-mile radius, the project is highly accessible not only to an abundant labor pool but also to a deep consumer base throughout Philadelphia’s suburbs. Additionally, the project will qualify for Philadelphia’s industrial redevelopment tax abatement program (Ordinance 1130).
The project will be built to above market specifications and accommodate a wide range of tenant requirements, including 36’ clear heights and 185’ truck courts, allowing for ample trailer storage capacity. Upon completion, the project will be well positioned to capture the outsized tenant demand for infill product under 200,000 square feet.
Ben Swift, Senior Associate at Lovett Industrial commented, “Philadelphia, the 6th largest city in the nation, continues to drive strong demand for logistics and distribution users, which is further fueled by a lack of modern infill product in the city limits. Additionally, the site is complimented by its access to a great labor pool and adjacent public transportation. This will be our first venture in the Philadelphia market, and we are excited to work with the City of Philadelphia on a successful project.”
Cushman & Wakefield represented the Seller in this transaction.
This is Lovett Industrial’s fourth land acquisition in the Mid-Atlantic region. Lovett Industrial currently owns 377 acres across the Eastern United States capable of accommodating approximately 2.6 million square feet of industrial space. In addition, Lovett Industrial acquired and currently operates Middlebrook Crossroads, an 18-building portfolio of warehouses located in Bridgewater, New Jersey. Lovett Industrial currently is active in 7 additional markets across the U.S. and approximately 5 million square feet of projects currently under construction companywide.
About Lovett Industrial:
Founded in 2020 and based in Houston, Texas, Lovett Industrial is a privately held vertically integrated logistics real estate investment platform that seeks to develop and acquire industrial real estate assets that are differentiated by their quality, location, and functionality. Currently active in over 10 major metros across the United States, Lovett Industrial’s portfolio consists of approximately 15 million square feet of completed, acquired, and under construction warehouses and in excess of 10 million square feet of warehouses planned for future development. Lovett Industrial’s founders have combined over 60+ years of experience in the commercial and industrial real estate sectors. For more information, please see our website at https://lovettindustrial.com/.
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Contacts
Paige Chiang
paigec@lovettindustrial.com
