Houston-based real estate investment firm Lovett Industrial recently purchased a 109,000-square-foot manufacturing facility in Philadelphia along with 14.5 acres.
The property is located 20 minutes from downtown and has direct access to the region via Highway 1 and the I-276 Turnpike, and is located near I-95.
The project’s unique location at the southeast corner of Highway 1 and Red Lion Road in northeast Philadelphia boasts downtown Philadelphia and the broader market
Lovett Industrial plans to redevelop the property into a 176,000-square-foot rear-loaded industrial facility. Plans include 36’ clear heights and 185’ truck courts for ample trailer storage capacity.
“Philadelphia, the sixth 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,” Ben Swift, Lovett Industrial senior associate, said. “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.”
The project will qualify for Philadelphia’s industrial redevelopment tax abatement program.
Lovett Industrial currently owns 377 acres in the Eastern United States.