By Ryan Mulligan – Reporter, Philadelphia Business Journal
A joint industrial venture between J.G. Petrucci Company Inc. and The Davis Companies has landed its first tenant, leasing nearly half of a 28-acre Delaware spec development.
AMS Fulfillment, a Southern California-based logistics company, is taking more than 181,000 square feet in a 10-year lease at the 361,770-square-foot development under construction in Bear. The site at 710 American Blvd. is expected to be completed later this year.
The deal is one of the largest in the region this year. Just three leases in the Philadelphia area outstripped 181,000 square feet in the first quarter, and none were in Delaware.
AMS Fulfillment also has a Delaware warehouse location in Newark and two in New Castle, along with one in New Holland, Pennsylvania.
Boston-based Davis Companies and Asbury, New Jersey-based J.G. Petrucci broke ground on the project in September 2024. The 710 American site sits next to a Dots Foods redistribution center about eight miles from I-95.
When finished, the sprawling warehouse will include 3,150 square feet of office space along with 50 trailer parking spaces and 250 car parking spaces.
At over 360,000 square feet, the project represents more than a quarter of the 1.53-million-square-foot industrial development pipeline in New Castle County, according to Colliers. The average asking rate for industrial leases in the county is $11.22 per square foot.
David Allen, a senior vice president at The Davis Companies, called the Greater Philadelphia region "one of the most rapidly growing industrial submarkets in the Mid-Atlantic."
Full story: http://tiny.cc/s1vm001
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