Crow Holdings adds to growing Northeast Philadelphia portfolio with $25M warehouse project

By Paul Schwedelson – Reporter, Philadelphia Business Journal

Crow Holdings Development has acquired a Northeast Philadelphia property with plans to build a 103,500-square-foot distribution center at the site.

Dallas-based Crow Holdings paid $7 million to general contracting firm James D. Morrissey Inc. for the 10-acre property at 2748 Grant Ave. The site is just south of Northeast Philadelphia Airport and between I-95 to the east and Roosevelt Boulevard to the west.

Clark Machemer, senior managing director of Crow Holdings Development, said the project is expected to cost around $25 million, including the price of the real estate. Despite Philadelphia’s industrial vacancy rate rising in recent years, Machemer said the key to the project is positioning it for an underserved market at roughly 100,000 square feet.

“Any competitive set in that range is buildings that are 30, 40 years old,” Machemer said. “The competitive set of modern, new buildings — call it buildings [developed] in the last five years — are all well over 200,000 square feet.”

The Grant Avenue site is mostly vacant and has some outdoor storage space. It’s surrounded by other industrial properties.

The future one-story warehouse is planned to have 32-foot ceiling heights, 32 dock positions, two drive-in doors and parking for 65 vehicles. Construction, which is already fully approved, is expected to begin this fall and finish by late summer 2026.

Machemer anticipates the building would likely be leased to a single tenant.

“We’re trying to build buildings that meet the individual market,” he said.

The project adds to Crow Holdings Development’s growing Philadelphia portfolio, which includes four projects that have either been recently completed or are under development and total more than 650,000 square feet of industrial space.

A 147,000-square-foot warehouse at 14515 McNulty Road in Philadelphia is expected to be completed this fall and is fully leased to supply chain company Martin Brower. That property is five miles north of the future warehouse on Grant Avenue.

Full story: https://rb.gy/carktp

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