Crow Holdings Development has acquired a property in Northeast Philadelphia, where it is planning to build a new 103,500-square-foot warehouse at the site, writes Paul Schwedelson for the Philadelphia Business Journal.
The Dallas-based development firm paid $7 million to James D. Morrissey Inc., a general contracting firm, for the 10-acre property.
The project to build the warehouse, however, is expected to cost about $25 million, according to Clark Machemer, senior managing director of Crow Holdings Development. This includes the price of the real estate.
While Philadelphia has faced a rising industrial vacancy rate in recent years, Machemer noted that the key to the project is its positioning for an underserved market at abound 100,000 square feet.
“Any competitive set in that range is buildings that are 30, 40 years old,” he said. “The competitive set of modern, new buildings — call it buildings [developed] in the last five years — are all well over 200,000 square feet.”
The planned one-story warehouse is expected to have 32-foot ceilings, 32 dock positions, two drive-in doors, and parking spots for 65 vehicles.
Construction for the project is expected to begin this fall and by completed by late summer of 2026.
Read more about the new planned warehouse at 2748 Grant Avenue in the Philadelphia Business Journal.
