Rockefeller Group and PCCP, LLC have acquired a 50.44-acre site in Philadelphia’s Roosevelt Boulevard for the development of Rockefeller Group Logistics Center. The former Byberry State Hospital site has been fully entitled and will feature two buildings totaling 656,904 square feet.
According to Heath Abramsohn, VP and regional director for Rockefeller Group’s NJ/PA region, this joint venture marks their first industrial project in Philadelphia – a market that has often been overlooked. With an aging inventory of industrial properties in the area, there is high demand for new Class A space like what will be offered at this location.
The sale was facilitated by both parties involved – the Rockefeller Group-PCCP JV and PAID (a subsidiary of Philadelphia Industrial Development Corporation). CBRE National Partners’ Mike Hines and Brad Ruppel provided advisory services while leasing responsibilities will be handled by CBRE’s Drew Green, Paul Touhey, and Mike Mullen.
This post originally appeared on Connect CRE .
