Rockefeller Group and PCCP, LLC announced Tuesday that a joint venture of the two companies has purchased a fully entitled 50.44-acre site located at 15000 Roosevelt Blvd.
Rockefeller Group and PCCP will develop Rockefeller Group Logistics Center at Roosevelt Boulevard to include two logistics buildings, 318,696 square feet and 338,208 square feet, for a total of 656,904 square feet.
The seller was the Philadelphia Authority for Industrial Development, which is a subsidiary of the Philadelphia Industrial Development Corporation, the city’s public-private economic development corporation.
The joint venture of Rockefeller Group and PCCP and PAID represented themselves on the sale of the land.
The CBRE National Partners team of Mike Hines and Brad Ruppel advised on the transaction while the CBRE team of Drew Green, Paul Touhey and Mike Mullen will handle leasing responsibilities for the project.
NORR is the architect, Pennoni Associates was the civil engineer, and the general contractor is IMC Construction.
The project will be union constructed.
While the official announcement was made Tuesday, officials gave a heads up about the sale to residents of the adjacent Arbours at Eagle Pointe.
“Rockefeller Group is pleased to be partnering with PCCP on our first industrial project in Philadelphia, a market that has been historically overlooked. This infill market currently has older industrial product and is in need of new, Class A industrial space,” said Heath Abramsohn, vice president, regional director for Rockefeller Group’s NJ/PA region. “We believe this site is ideally located to be able to serve the city of Philadelphia and the surrounding areas given its close proximity to major roadways throughout the region as well as Philaport.”
“PCCP believes this is an attractive opportunity to once again partner with Rockefeller Group to develop a shovel-ready, fully approved project within the core, Philadelphia industrial submarket that is just 3.5% vacant,” said Ryan Dodge, managing director with PCCP.
“Today’s announcement caps a nearly 20-year effort on behalf of PIDC to redevelop the former Byberry State Hospital in an intentional and meaningful way that will provide jobs and opportunities to Philadelphians and build upon our city’s strength as a hub for logistics,” said PIDC President Jodie Harris. “We’re incredibly grateful for the investment from Rockefeller Group, along with PCCP, that will transform this location into a viable economic asset and bring growth to our city. This investment further demonstrates Philadelphia’s unique strengths as a business destination — our location in the heart of the Northeast U.S., affordability and talent — continue to make our city economically competitive.”
“Philadelphia is a dynamic destination with world-class assets that attract and retain companies of all sizes. This industrial project from Rockefeller Group and PCCP will enhance vital networks for the exchange of goods and services in our city,” said Anne Nadol, director of the city Department of Commerce. “We are grateful for the economic opportunities and land development efforts to emerge from this investment. Innovation is at the heart of Philadelphia. Alongside our economic development partners citywide, we remain committed to catalyzing the growth of our economy.”
”The investment by Rockefeller and PCCP is a testament to the Philadelphia logistics market’s resilience and expansive potential for growth,” said Ruppel, of CBRE. “We anticipate and look forward to the community and regional economy benefiting from the revitalization of this site and applaud the collective and collaborative efforts to further enhance this corridor.” ••
