Investment demand for warehouses in the Philadelphia region remains high as demonstrated by a recent $239.4 million purchase of the Delco Logistics Center and its two newly-constructed industrial buildings in Eddystone, writes Paul Schwedelson for Philadelphia Business Journal.

Both buildings, totaling 770,000 square feet, are vacant and the new owner, WPT Capital Advisors of Minneapolis, is looking for potential tenants.

The 64-acre site was developed and sold by Alliance HP of Bryn Mawr.

The property at 1500 E. 2^nd Street near Philadelphia International Airport, fetched $311 per square foot. The desirability of the property comes from its new buildings in a prime location along a key transportation corridor.

“You have everything you could possibly desire for an industrial operation,” said Gerry Blinebury, executive vice chair at Cushman & Wakefield which represented Alliance.

“Everything is right here. Strong workforce, public transit within walking distance. You name it, you have it. Public utilities, I-95, port, airport. If you pull it up on Google Earth, it speaks for itself.”

Alliance paid $15 million in 2018 for the property from Eastern Metal Recycling.  Aging buildings were knocked down and replaced with two new warehouses.

Read more about the purchase of the Delco Logistics Center in Eddystone at Philadelphia Business Journal.

This time-lapse video shows the development and construction of the Delco Logistics Center.