PHILADELPHIA, PA — Lovett Industrial, a real estate investment firm based in Houston, last week commenced construction on the Highway 1 Commerce Center, a pivotal industrial development situated at 11301 East Roosevelt Blvd in Philadelphia. This new facility marks a significant addition to the region’s industrial real estate landscape.
The Highway 1 Commerce Center will feature a 176,105-square-foot Class-A industrial structure, boasting a 36-foot clear height, 28 dock doors, and 2 drive-in bays. Additionally, it will offer 131 car parks and 25 trailer parks. With a building depth of 280 feet, the development is set to meet the increasing demand for smaller infill products in the area. Its strategic location provides direct access to downtown Philadelphia and major routes such as Highway 1, the I-276 Turnpike, and I-95, enhancing its appeal for last-mile distribution.
Ben Swift, Northeast U.S. Market Leader for Lovett Industrial, emphasized the project’s significance, stating, “The demand for small shallow bay buildings in infill locations continues to be robust, especially in the Philadelphia market. The project will provide maximum flexibility for tenants seeking well-located Class-A product. We are excited to bring this much-needed Class-A development to the market.”
Lovett secured the land for this development in November 2023, with the project slated for completion in the third quarter of 2025. The facility is designed to accommodate a wide range of tenant needs, from less than 75,000 square feet to the full 176,105 square feet.
Chris Butera, Director of Cushman & Wakefield’s Philadelphia office, highlighted the strong leasing prospects, noting, “Strong leasing dynamics remain present in the greater Philadelphia area, with overall leasing activity for 2024 on track to outpace 2023 volume. The location and access will undoubtedly attract a diverse tenant base, and we are excited to be partnering with Lovett on Highway 1 Commerce Center.”
Cushman & Wakefield, represented by Jonas Skovdal and Chris Butera, will exclusively handle marketing and leasing efforts. Construction financing is provided by First Citizens Bank, with BSI Construction, LLC of Bensalem, PA, serving as the General Contractor. Cushman & Wakefield’s Debt and Equity team, led by John Alascio, secured the necessary construction financing.
This development is poised to enhance the competitive edge of Philadelphia’s industrial market, attracting a variety of tenants and boosting the local economy.
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