By Natalie Kostelni – Reporter, Philadelphia Business Journal
Cescaphe founder and CEO Joe Volpe has purchased a warehouse at Fairmount Avenue and 10th Street in Philadelphia and is converting it into an extension of his event business.
Volpe paid $7 million for 920-942 Fairmount Ave., which consists of four connected warehouse buildings totaling about 35,000 square feet. The seller was an entity affiliated with Tracey Furniture.
When marketing the property, they initially targeted developers since the parcel totals about 50,000 square feet and is steps away from the Rail Park. When the reception from developers was tepid, they switched gears and began to focus on businesses that could use the existing structure.
“It’s a crazy, funny story as to how I got to that property,” Volpe said. “When we opened up Vie on Broad Street and moved our offices there, I bought 50 desks from the building.”
Volpe recalled thinking at the time, which was nearly 10 years ago, about how big the building was, what good condition it was in and made a mental note. When the property came up for sale, Volpe seized on the opportunity to buy it, attracted to its size, unobstructed floors and gated parking.
Three tenants in the events business are moving into the space. They are: Beautiful Blooms, a floral design company that did more than 800 weddings last year; Papertini, a boutique event design studio; and Delaware Valley School of Floral Design, which was established by Carl Schwartz of Carl Alan Floral Artistry.
The idea is essentially a one-stop shop for those planning a wedding or event. “A couple will be able to go there and pick out all of their needs. It will be really convenient,” Volpe said. “It’s going to be an awesome space.”
Full story: https://tinyurl.com/nheha9kw
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