The shipping industry is alive and well on the Delaware River, where the Port of Philadelphia had a record 2024.
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PhilaPort moved 841,000 20-foot equivalent units last year, which was up 13.1% from 2023, according to an Avison Young report. Imports and exports at the facility grew by 14% and 12%, respectively.
The port expects that it will be able to move 1.5 million TEUs following the implementation of its Destination 2040 plan, which outlines adding 550K SF of warehouse storage space, new equipment and more raw land over the next 14 years.
While the port had a strong 2024, the report emphasized that increased competition from nearby cities means Philadelphia needs to stay on its toes. That includes the proposed redevelopment and expansion of the Port of Wilmington and recent improvements at the Port of Baltimore.
SALES
A Wawa-anchored property at 200 S. Easton Road in Glenside has sold for more than $7.2M. A Marcus & Millichap team including Scott Woodard and Derrick Dougherty procured the New Jersey-based buyer via its exclusive listing.
CONSTRUCTION AND DEVELOPMENT
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Federal Realty has begun $30M worth of construction at the Andorra Shopping Center in Roxborough. The latest phase of work will add a 50K SF Giant supermarket, a 10K SF KinderCare childcare facility and 14K SF of new outdoor spaces.
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Velocity Venture Partners wrapped up renovations at its Velocity 55 Industrial Park in Pitman, New Jersey. The firm, which bought the four-building property in 2022, carried out facade improvements and repaved the parking lot.
“I grew up just two miles from this complex and am thrilled with the strong leasing activity we’ve experienced since our acquisition,” Velocity founding partner Tony Grelli said in a statement.
FINANCING
D2 Capital Advisors arranged $26M in permanent financing for MRA Group’s 80K SF Chestnut Run Innovation & Science Park in Wilmington. The funding was procured by a D2 team that includes Jack Cortese, David Frankel and John Lightcap.
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