Speed Bay Acquires Philly Industrial Portfolio
The transaction marks the firm’s entrance into the Northeast.
Speed Bay Warehouse Solutions has acquired the Philadelphia Interstate Portfolio, an eight-building, 488,936-square-foot small-bay industrial collection with assets across the Philadelphia metro area.
It’s the firm’s first acquisition in the Northeast, with the properties spread across Burlington County, N.J., along with East Montgomery and Delaware counties in Pennsylvania.
The portfolio is 89.6 percent leased across 24 suites and consists of property vintages spanning from 1972 to 2004. Clear heights range from 17 to 33 feet, and the properties feature a mix of dock-high and grade-level loading.
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Speed Bay declined to provide details on the individual properties included in the transaction, only noting that the assets offer close access to Interstates 95, 76 and 295, providing connections to the Greater Philadelphia metro area and the broader Northeast Corridor.
Greater Philly area continues to normalize
A decline in speculative project starts and deliveries, in comparison to those for build-to-suit space, has been a key factor in the ongoing normalization of the Greater Philadelphia industrial market, according to a second-quarter report from Lee & Associates of Eastern Pennsylvania LLC.
In the report, Heather Kreiger, principal and regional research and marketing director at the firm, also noted a significant bifurcation between vacancy and availability.
She commented that although vacancy has continued to decline, overall availability increased during the second quarter, with landlords more actively marketing space well before existing tenants vacate. Rather than indicating weakening demand, Kreiger explained, this reflects continued tenant movement, as occupiers relocate into newer buildings, expand operations or consolidate facilities.
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