Monday, October 9, 2023
Friday, October 6, 2023
Topgolf property in Northeast Philadelphia is up for sale
By Emma Dooling – Reporter, Philadelphia Business Journal
The Topgolf off Roosevelt Boulevard in Northeast Philadelphia has been listed for sale nearly 18 months after opening.
Located at 2140 Byberry Road off Roosevelt Boulevard, the 16.4-acre property and the 68,000-square-foot building are listed on online real estate platform Crexi as "unpriced." The property is currently owned by RealtyLink LLC.
Topgolf Philadelphia is located on part of a 27-acre site formerly home to a Nabisco and Mondelēz International factory. It was developed by Villanova real estate company Provco, which also constructed a Wawa, Chick-fil-A and Aldi on the old Nabisco land. RealtyLink also helped develop the property, Alleva said.
Topgolf's operations will not be impacted by any potential sale of the property.
Greenville, South Carolina-headquartered RealtyLink has another Topgolf property available for sale in Charleston, South Carolina, according to its website. Of the Topgolfs that have been up for sale over the past couple of years, Alleva, said the Philadelphia property may be the one located in the most densely populated metropolitan area.
Full story: https://tinyurl.com/y99feexk
Thursday, October 5, 2023
Industrial Realty Secures 400 Acres at Atlantic City Airport for Logistics Development
By Linda Moss CoStar News
Industrial Realty Group has secured a ground lease for roughly 400 acres at the Atlantic City International Airport where it plans to build a mixed-use logistics project in the southern part of the Garden State.
Based in Los Angeles and billing itself as one of the largest industrial real estate developers in the nation, Industrial Realty said it reached an agreement with the South Jersey Transportation Authority to lease the large parcel on the northwest corner of the airport, which is located in Egg Harbor Township, New Jersey. As part of the deal, Industrial Realty and the authority have agreed to work cooperatively on the new construction, the company said in a statement on Tuesday.
Industrial Realty is "planning to build a mixed-use, industrial development to potentially include air cargo, rail and over-the-road (tri-modal)," a company spokeswoman said in an email to CoStar News on Wednesday. Renderings of the development weren't available.
“IRG has a wealth of experience in the aviation segment of commercial development,” Stuart Lichter, the developer's president, said in a statement. “We have already discussed site opportunities with many job-creating tenants. We believe this momentum will continue to grow because of the property’s location and airport proximity.”
For several years now New Jersey has been a hotbed for warehouse development because of its central location within a highly populated area, situated between New York and Philadelphia, and its proximity to major airports and seaports. Meanwhile, the Atlantic City airport has been in the local news recently because of a controversial proposal by the Biden administration to use the site as a place to house immigrants.
Industrial Realty said it has also been working with the Atlantic County Economic Alliance on the agreement, and added that the project "could stimulate tens of millions of dollars in new private investment in the region."
In July last year, the South Jersey Transportation Authority authorized its executive director, Stephen Dougherty, to enter negotiations and execute an agreement for the development of the northwest quadrant of the airport. The lease is the culmination of efforts stemming from that authorization.
“We could not have found a better partner to make this project a reality,” Dougherty said in a statement.
The proposed industrial development could also help Atlantic County move toward its goal of diversifying and strengthening the economy in the region, moving beyond gambling and tourism, according to local officials. Industrial development has been a key component of regional master planning and the Atlantic City airport for a decade, officials said.
“This agreement is conducive with our efforts to explore the development of an air-cargo-maintenance-and-repair facility that could result in hundreds of short-term
construction jobs and many more long-term jobs,” Atlantic County Executive Dennis Levinson said in a statement.
Industrial Realty's forte is the conversion and privatization of federal properties. The company owns and serves as the master developer of three closed military bases, a former NASA manufacturing facility and a closed Veterans Affairs site.
Wednesday, October 4, 2023
Monday, October 2, 2023
Core5 Industrial, Arbok Partners Plan One of New Jersey’s Biggest Warehouses
By Linda Moss CoStar News
Core5 Industrial Partners and Arbok Partners have acquired a site in South Jersey where they plan to build a 1.75 million-square-foot warehouse, which would be one of the largest in the Garden State, as developers continue to see a demand for logistics space.
Core5, based in Atlanta, and Arbok, headquartered in Jersey City, New Jersey, have closed on the purchase of a 156-acre site, a farm, at 1087 Route 40 in Carneys Point, New Jersey. That's where the developers plan to construct the first building of what is planned to be a complex of five distribution facilities totaling nearly 4 million square feet.
The project will be the first one for Core5 in New Jersey, Doug Armbruster, a senior vice president and managing director at the real estate firm, told CoStar News on Friday.
Carneys Point, which is near both Delaware and Philadelphia in the southwestern part of New Jersey, has become a hub for industrial development. E-commerce giant Amazon, for example, has a 1.25 million-square-foot fulfillment center not far from the Core5-Arbok property. The area is a good location for distribution centers because it's not only near Philadelphia but it's just few hours away from both New York and Washington, D.C., with the airport and seaport in Newark, New Jersey, just 100 miles away on the New Jersey Turnpike, according to Armbruster. Carneys Point is also on the Interstate 95 corridor, he said.
New Jersey remains a favorite site for industrial development even though demand for such space has slowed down a bit in the wake of the pandemic. The Garden State benefits from its location in a highly populated region near major transit hubs. Because the northern part of the state is highly developed, real estate firms have been going farther south to find open land to build.
"Sites are fewer and fewer between," Armbruster said.
Vying for Biggest-Warehouse Title
In some cases that's caused friction — and court battles — with residents who complain of alleged "warehouse sprawl," while development proponents argue that the fast-growing logistics industry shouldn't be throttled.
The first building planned for the Core5 Kelly Logistics Park at Carneys Point, at 1.75 million square feet, would be one of the biggest individual industrial buildings in New Jersey. It's probably the largest in terms of "pure-play warehouse," without manufacturing, according to Mateusz Wnek, associate director of market analytics for CoStar Group, said in an email. It all depends on how one defines industrial.
A Bristol Myers Squibb site at 1 Squibb Drive in New Brunswick is 1.8 million square feet. While that property is technically industrial, it is also a manufacturing site for pharmaceuticals, Wnek said.
An industrial property at 1 Passaic St. in Wood-Ridge, New Jersey, is 2.3 million square feet, but it also does manufacturing, according to Wnek.
Then there are three industrial properties that rank right behind Core5's first building in size, each at 1.5 million square feet, according to CoStar data. They are 107 Trumbull St., Elizabeth; 629 Grove St., Jersey City; and 995 Taylors Lane, Cinnaminson.
Kelly Logistics Park would ultimately have 3.8 million square feet across five buildings, according to a marketing brochure. Those properties will range from 371,000 to the 1.75 million square feet.
The main large building will have 285 loading docks, four drive-in doors, parking for 516 trailer trucks and 1,450 cars. Company officials are still working through a timetable for development of the project, Armbruster said.
KBC Advisors is handling leasing for the building, according to Armbruster. It is being developed on a speculative basis, with no tenant lined up yet.
