Rockefeller Group, PCCP Secure $100M for Logistics Center

The Rockefeller Group and PCCP LLC have secured $100.2 million in construction financing for their joint development of the Rockefeller Logistics Center on the Boulevard, a two-building 656,904-square-foot speculative industrial campus in Northeast Philadelphia.

The loan, provided by New York Life Real Estate Investors, was arranged by a Cushman & Wakefield team consisting of Vice Chairman John Alascio, Managing Directors Aaron Graves and Alex Lapidus, Senior Directors Chuck Kohaut and TJ Sullivan as well as Associate Jason Blankfein.

Development of Rockefeller Logistics Center on the Boulevard, the developer’s first in the city, was announced in December of last year, following the partners’ purchase of the 50.4-acre development site from the Philadelphia Industrial Development Corp. Previously, the site was home to the unbuilt Byberry North Business Center. CBRE, which advised the developers during the transaction, will also oversee leasing at the finished campus.

Later that month, the developers received permits for the project’s development, as reported by the Philadelphia YIMBY.

The project is among PCCP’s most recent industrial endeavors in the Northeast. Last week, the firm provided a $64 million construction loan for McClellan One, a 120,584-square-foot project in Newark, N.J. 

Rockefeller and Roosevelt

According to Heath Abramsohn, Rockefeller’s vice president & regional director for the northeast region, the project broke ground that same December, and is expected to finish construction in the second quarter of 2025. The joint ventures’ development partners of choice are NORR, which is serving as the project’s architect of record, Pennoni Associates for civil engineering, and IMC Construction, which will handle general contracting.

When its construction finishes, the campus’ two buildings, A and B, will respectively measure out at 318,696 and 338,208 square feet. Both buildings will have interiors with 36-foot clear heights. Building A will have two drive-in doors, 49 dock doors, and 57 trailer parking spaces, while Building B will have the same number of drive-in doors, alongside 46 dock doors and 52 trailer parking spots. Additionally, both buildings will have six electric vehicle charging-enabled parking spaces.

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Located at 15000 Roosevelt Blvd., the property will have direct frontage to U.S. Route 1, which feeds into interchanges to the Interstates 95 and 276, respectively located 1.5 and 5 miles away. Philadelphia’s Center City District is 14 miles to the southwest, while its International Airport sits roughly 6 miles further in the same direction. Nearly all of the Acela corridor lies within a day’s drive of the campus, in addition to Pittsburgh, Cleveland and Columbus.

Philadelphia’s industrial fortitude

Despite a recent slowdown in development, Philadelphia has among the largest development pipelines in the Northeast, clocking in at nearly 6.2 million square feet, according to CommercialEdge’s most recent national industrial report. Recent high profile additions to the metro’s pipeline include RLS Logistics’ expansion of a cold storage facility in Delanco, N.J., to 180,000 square feet, alongside J.G. Petrucci Co. and Cabot Properties’ joint development of a 320,250-square-foot facility in Feasterville-Trevose, Pa.