CBRE Announces Site Work Commences at Two-Building Industrial Complex in Philadelphia
Site Work Begins for Two-Building Complex at 5000 Richmond Street, with Scheduled Completion and Market Deliver in Q4 2024
May 15, 2023
Corporate Communications, Tri-State Division and New England
CBRE on behalf of DH Property Holdings today announced that site work has commenced on 5000 Richmond Street, a two-building, industrial complex currently under development within Philadelphia’s densely-populated urban core. The Class A distribution facilities are slated for completion in Q4 2024.
The CBRE team of Andrew Green, Senior Vice President and Thomas F. Monahan, Vice Chairman, will oversee the leasing campaign for the complex on behalf of the developer and owner, DH Property Holdings.
“Increasing barriers to entry for new warehouse development throughout greater Philadelphia makes irreplaceable infill locations like 5000 Richmond rarer than ever. As the most well-located Class A industrial facility within the city of Philadelphia, the development is a true best-of-both-worlds distribution location combining modern logistic operations with superior inbound/outbound access and proximity to public transportation,” said Mr. Green.
“We’re excited to be delivering this best-in-class product in such a supply constrained market and to be partnering with CBRE,” said Aaron Malitzky, Executive Vice President, DH Property Holdings. “We are confident this high-quality industrial complex will attract many national and prominent tenants to Northeast Philadelphia.”
The property, located within a Qualified Opportunity Zone offering 10-year real estate tax abatements, will offer efficient loading, parking, and circulation and unlock access to customers and labor along the East Coast, as well as many of the region’s top ports.
Building A at 5000 Richmond Street will total 348,210 sq. ft. with column spacing of 50' x 56' and typical 60' speed bays. In addition to 40’ ceiling heights, the property will feature 81 stalls for trailer parking, 42 loading dock doors and a single side load building. Building B will consist of 411,000 sf. ft. with similar column spacing and 125 stalls for trailer parking and 70 loading dock doors.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serv ing clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.