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Key International and Ingtegra acquired the 3.2-acre property at 725 S. Ocean Blvd. last summer from an affiliate of Blackstone. The Key International executive says he hopes to begin construction on the $85-million, four-story project by the end of 2019.
Demand for last-mile industrial space is exploding, thanks in large part to ecommerce giant Amazon's growing need for fulfillment and distribution space. Here's why that might be a good thing for urban and suburban markets.
For the first time on record, the number of job openings exceeds the number of people out of work and seeking employment so it is no surprise that office assets are getting noticed by investors and lenders.
“At just 4.1%, the Greater Philadelphia vacancy rate is considered 'typical' by local standards at the peak of a construction boom highly concentrated within Center City,” says Gebroe-Hammer's Eli Rosen.
Industrial tenants with multiple locations want to consolidate, but with a limited availability of 100,000-square-foot-plus industrial facilities in San Diego, it is easier said than done.