Philadelphia, PA — Rockefeller Group and PCCP, LLC announced that a joint-venture of the two companies has purchased a fully entitled 50.44-acre site located at 15000 Roosevelt Blvd. in Philadelphia. Rockefeller Group and PCCP will develop Rockefeller Group Logistics Center at Roosevelt Blvd. which includes two logistics buildings, 318,696 s/f and 338,208 s/f, for a total of 656,904 s/f. The seller was the Philadelphia Authority for Industrial Development (PAID), which is a subsidiary of the Philadelphia Industrial Development Corporation (PIDC), Philadelphia’s public-private economic development corporation.
“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 twenty-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.
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.