First Industrial Inks Full-Building Lease in Philadelphia

2801 Red Lion Road. Image courtesy of Colliers

International Vitamin Corp. has signed a full-building lease with First Industrial Realty Trust for a 180,171-square-foot industrial facility in Philadelphia. IVC will move into the building in the first quarter of 2023, after the existing tenant, TJX, relocates to a larger facility at 9801 Blue Grass Road, just 2 miles from the current location. Colliers Senior Managing Director Richard Gorodesky and Senior Associate Adam Gorodesky represented the landlord.

First Industrial acquired the property in 2005 for $7.1 million, CommercialEdge data shows. Built in 1969 and renovated in 2011, the warehouse at 2801 Red Lion Road is one of the largest single tenant industrial facilities in Philadelphia. The facility features 20- and 26-foot clear heights, 25 dock doors and a truck court, as well as some 13,800 square feet of office space.

The 10.9-acre property is just off Roosevelt Boulevard, with Northeast Philadelphia Airport 2.5 miles away and 15 miles from downtown Philadelphia. Other industrial facilities in the area include Atkore, Quaker Valley Foods, Veho Philadelphia, Marshalls Distribution Center and United Refrigeration, among others.

First Industrial Realty Trust’s national industrial portfolio totals roughly 69.8 million square feet across 443 properties. In Philadelphia, the company currently owns 16 facilities, both completed and in various stages of development.