A warehouse in North Philadelphia has been acquired by a Houston-based real estate firm and it’s planning to demolish and redevelop it into a larger industrial property, writes Ryan Sharrow for the Philadelphia Business Journal.

Lovett Industrial purchased 10101 Roosevelt Boulevard is planning to tear down the existing 109,000-square-foot building to develop a new 176,000-square-foot industrial property.

A representative for Lovett Industrial said construction on the new building is expected to begin in the third quarter of 2024. 

Cushman & Wakefield represented the seller in the transaction.

Founded in 2020, Lovett Industrial currently owns 377 acres across the eastern portion of the United States, capable of accommodating about 2.6 million square feet of industrial space.

It currently has about 5 million square feet of projects under construction companywide.

According to Cushman & Wakefield, the Philadelphia-area industrial vacancy rate sat at 6.2% in the third quarter, increased from 2.4% in the same period last year.

Third quarter deliveries of new warehouse space increased 10.1% over the year, resulting in 11.4 million square feet or new space throughout the industrial region.

Read more about plans to increase Philadelphia’s industrial space at the Philadelphia Business Journal.

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