PHILADELPHIA–(BUSINESS WIRE)–Lovett Industrial, a Houston-based real estate investment firm, has announced the recent groundbreaking of Highway 1 Commerce Center, a strategic industrial development site at 11301 East Roosevelt Blvd in Philadelphia, Pennsylvania.
Located in a key last-mile market for distribution, Highway 1 Commerce Center, a 176,105-square-foot facility, will be a Class-A industrial development featuring 36-foot clear height, 28 dock doors, 2 drive-ins, 131 car parks, and 25 trailer parks. The 280-foot building depth will provide an opportunity to capture outsized tenant demand for smaller infill product. The 14.5-acre site has direct access to downtown Philadelphia and the broader market via Highway 1 and the I-276 Turnpike, as well as quick access to I-95.
“The demand for small shallow bay buildings in infill locations continues to be robust, especially in the Philadelphia market,” said Ben Swift, Northeast U.S. Market Leader. “The project will provide maximum flexibility for tenants seeking well-located Class-A product. We are excited to bring this much-needed Class-A development to the market.”
Lovett acquired the land for Highway 1 Commerce Center in November of 2023. Delivery is scheduled for the third quarter of 2025, with the ability to accommodate a wide range of tenant requirements ranging from less than 75,000 square feet up to 176,105 square feet.
“Strong leasing dynamics remain present in the greater Philadelphia area, with overall leasing activity for 2024 on track to outpace 2023 volume. The location and access will undoubtedly attract a diverse tenant base, and we are excited to be partnering with Lovett on Highway 1 Commerce Center,” says Chris Butera, Director of Cushman & Wakefield’s Philadelphia office.
Marketing and leasing efforts for Highway 1 Commerce Center will be exclusively handled by Jonas Skovdal and Chris Butera of Cushman & Wakefield. Construction financing is being provided by First Citizens Bank. BSI Construction, LLC, based in Bensalem, PA is the General Contractor. Cushman & Wakefield’s Debt and Equity team led by John Alascio helped secure construction financing for the development.
About Lovett Industrial:
Founded in 2020 and based in Houston, Texas, Lovett Industrial is a privately held vertically integrated logistics real estate investment platform that seeks to develop and acquire industrial real estate assets that are differentiated by their quality, location, and functionality. Currently active in over 15 markets across the United States, Lovett Industrial’s portfolio comprises approximately 16 million square feet of completed, acquired, and under-construction warehouses and over 10 million square feet of warehouses planned for future development. Lovett Industrial’s founders have combined over 60+ years of experience in the commercial and industrial real estate sectors. For more information, please see our website at https://lovettindustrial.com/.
Press Contact:
Lily Aguilar
Liliana.aguilar@lovettindustrial.com
