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Rockefeller Group JV to Develop Logistics Project in Philly
A joint venture of Rockefeller Group and PCCP, LLC has purchased a fully entitled 50.44-acre site located at 15000 Roosevelt Blvd., the site of the former Byberry State Hospital, in Philadelphia. The JV will develop the two-building, 656,904-square-foot Rockefeller Group Logistics Center at Roosevelt Boulevard. The seller was the Philadelphia Authority for Industrial Development (PAID), a subsidiary of the Philadelphia Industrial 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,” said Heath Abramsohn, VP and regional director for Rockefeller Group’s NJ/PA region. “This infill market currently has older industrial product and is in need of new, Class A industrial space. 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.”
The Rockefeller Group-PCCP JV 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.
- ◦Development
