DH Property Kicks Off Philadelphia Industrial Project

5000 Richmond St. site. Image courtesy of CBRE

DH Property Holdings has broken ground on its 5000 Richmond St. industrial project in Philadelphia. The two-building Class A development is expected to come online in the final quarter of 2024.

CBRE Senior Vice President Andrew Green and Vice Chairman Thomas Monahan will oversee leasing for the distribution facilities.

The infill site will combine modern logistics operations with inbound/outbound access, Green said in a statement, noting that the site is close to public transportation. The property, which is located within an Opportunity Zone, offers 10-year real estate tax abatements and will have efficient loading, parking and circulation.

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Building A at the site will total 348,210 square feet, with column spacing of 50 by 56 feet, as well as 60-foot speed bays, 40-foot ceiling heights, 81 stalls for trailer parking, 42 loading dock doors and a single side load building. Building B will total 411,000 square feet, with similar column spacing to Building A and 125 stalls for trailer parking, as well as 70 loading dock doors.

Strong industrial development activity

Philadelphia had the most active industrial development scene of any Northeastern metro in 2022. There was a total of 21.5 million square feet of industrial space under construction at the end of November 2022, accounting for 5.3 percent of existing inventory. Construction starts between January and November of last year totaled 17.7 million square feet.

D2 Organization is among the companies that are constructing industrial space in the area, with three Class A warehouses totaling 586,000 square feet planned for Carneys Point, N.J., across the Delaware River from Philadelphia.