Novaya Foxfield Industrial, the Mid-Atlantic arm of Novaya Real Estate Ventures, purchased a 29-acre site in Conshohocken, Pennsylvania, from a private local developer. The acquisition represents Novaya Foxfield Industrial’s 14th acquisition in the Mid-Atlantic region.
Foxfield Industrial plans to demolish the existing chemical processing plant at 900 River Road and build King of Prussia Logistics Hub in its place. The 350,000-square-foot distribution center is expected to have a 36-foot clear ceiling height.
Foxfield Principal Jeff Harper said in a statement, "KOP Logistics Hub is a bullseye for any company interested in servicing the western suburbs of Philadelphia and beyond, with its proximity to interstate access, close by labor pools and densely populated neighborhoods."
To date, Novaya has transacted on more than 9 million square feet of industrial, flex, office, residential and urban retail product with gross asset value in excess of $1 billion in partnership with several of the premier institutional and family office investors worldwide, according to its website.
www.omegare.com
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