3025 meeting house road philadelphia pa

A newly constructed 207,500-square-foot distribution center that was built on land the Philadelphia Industrial Development Corp. sold for $2.18 million has traded for $25.6 million, according to property records.

The sale of 3025 Meeting House Road in Philadelphia at nearly $124 a square foot is near record setting. It underscores the value of a modern warehouse of that size that is located four miles from I-95 and sits in a Keystone Opportunity Zone. There’s practically no competition in the Northeast Philadelphia industrial submarket for a building with those characteristics, according to industry experts.

A population totaling 5.2 million can be reached within 30 miles of the property, a key metric for logistics.

That’s not to say other, similar projects aren’t in the works. NorthPoint Development is proposing to build a 211,818-square-foot distribution center on 19.7 acres at 5000 Summerdale Ave. The Kansas City, Mo., real estate company has the land under agreement with PIDC. Though it couldn’t be determined how much the company is paying, the parcel was listed by PIDC for $3.25 million.

Black Creek Group of Denver bought the vacant building on Meeting House Road as part of an effort to grow its Philadelphia presence. Last year, it paid $32 million for a five-building industrial portfolio in King of Prussia totaling 292,110 square feet at 201, 221 King Manor Drive and 741, 780, 820 Third Ave. The company also recently paid $32.2 million for a nearly 300,000-square-foot warehouse Mount Laurel, New Jersey.

Ridge Development, which is affiliated with Transwestern Development Co., bought in 2018 the 15.5 acres at 3025 Meeting House. That sale as well as the pending transaction with NorthPoint are part of a strategy devised by PIDC in 2018 after it conducted a study that indicated it could foster Philadelphia as a logistics and distribution hub by selling industrial land that it owns.

“Philadelphia’s proximity to consumers, deep labor pool, extensive transportation network, and strong commitment to growth offer businesses, developers, and investors a compelling opportunity in the commercial distribution sector,” the report said.

Ridge Development spent $15 million building the Meeting House Road facility — called the Philadelphia Logistics Center — and decided to move forward with it on speculation, a sign of demand for these types of facilities. Though the building was sold vacant, it’s expected to lease up and market watchers are keeping an eye on who will ultimately occupy it and where rents will fall.

Address: 3025 Meeting House Rd, Philadelphia, PA 19154

3025 Meeting House Rd, Philadelphia, PA 19154 (Parcel# 884293100) is a parcel in Philadelphia, assessed by City of Philadelphia, Office of Property Assessment (OPA). The total market value is 22858200.

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3025 Meeting House Rd, Philadelphia, PA 19154 is a parcel created by Philadelphia County Assessor/Recorder/County Clerk (ARCC). The Parcel Number (OPA Account Number) is #884293100. The total assessed value is 22858200.

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