The property at 5000 Richmond St. was put up for sale earlier this year by Dow Inc., CBRE
By Natalie Kostelni – Reporter, Philadelphia Business Journal
Dec 18, 2020, 2:35pm EST
DH Property Holdings of New York has acquired 67 acres in Philadelphia and plans to develop 733,000 square feet of industrial space in a project that will represent a $115 million investment.
The property at 5000 Richmond St. in the city’s Bridesburg section was put up for sale earlier this year by Dow Inc. Forty-six acres of the property are paved and currently being used to store vehicles for Carvana and other users. The site is zoned industrial and sits in a Federal Opportunity Zone.
Other redevelopment news:
Developer proposes 1-million-square-foot warehouse in Bucks County
NorthPoint plans $1.5B redevelopment of U.S. Steel site in Bucks
Matrix plans $20M speculative distribution center in Camden
Logistics company leases 59,000 square feet in Salem County
The property’s proximity to I-95 and Center City was expected to attract developers of warehouse-distribution facilities. DH Property, which is run by Dov Hertz, plans to develop a two-building campus that will serve as last-mile distribution. One building will total 351,800 square feet and the other will total 382,000 square feet.
The property has industrial roots dating to the early 1700s, when tanneries relocated to the area from Center City, according to the Environmental Protection Agency, which had overseen remediation of the site. A chemical plant that was once on the site dated back to 1847, according to information provided by Dow. Rohm and Haas acquired the property in 1920 from Charles Lenning and Co., which was at the time one of the oldest chemical manufacturers in the country.
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