December 19, 2019
In yet another sign of the depth and breadth of the demand for industrial sites to support investment and development of logistics facilities in Philadelphia, Wharton Industrial is wrapping up improvements to a 283,500 SF logistics center, branded as SoPhi Logistics Center, located at 2400 Weccacoe Street in South Philadelphia. Purchased in September, this $27 million project will be a prominent example of the impact e-commerce is having on the industrial sector. Located just 15 minutes from City Hall, SoPhi will be the very definition of a “last-touch” distribution facility. Wharton’s investment will give a new lease on life for this 50-year old building and is the latest example of the real estate adage – location, location, location.
The investment at the SoPhi Logistics Center reflects the strength of industrial demand in the city and confirm Philadelphia’s appeal as a location for logistics & distribution investment.
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In November, PIDC conveyed a waterfront parcel in Bridesburg to the City of Philadelphia. While strictly-speaking not a logistics project, the recently sold parcel will become a 10-acre waterfront park and a significant feature on the Delaware River Trail. This project represents the last piece of a real estate transaction at the former Frankford Arsenal with Dietz and Watson.