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Court Street Ventures Brings Crown 95 Logistics Center to Market

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Offering 381,200 SF at the Heart of Philadelphia and I-95 Corridor

PHILADELPHIA, PA  June 1, 2021 – Colliers, on behalf of development team Court Street Ventures, is pleased to announce a new 381,200 square foot modern Class A last mile urban distribution center strategically positioned to serve both the Philadelphia metropolitan area and the Eastern I-95 Corridor is now available for lease. The Colliers industrial team of Richard GorodeskyBrad Boone, Brian McCurdy and Adam Gorodesky will be marketing the exciting new project. 

Crown 95 Logistics Center is at 956 E. Erie Avenue, the near geographic center of the City of Philadelphia. The site is 10 minutes to Center City Philadelphia, and just 15 minutes to  the Port of Philadelphia. The superbly located site is 1.5 miles away from the newly improved I-95 Aramingo interchange which offers fluid access to area highways, bridges and ports. Furthermore, the site offers direct public transportation access for its workforce via the SEPTA Bus Route 56 stop on site.

The planned specifications for the project include 36’ clear ceiling heights in approximately 300,000 square feet. Other notable project features include 3.5 acres of secured off-street trailer, van and car parking and prominent branding opportunities on highly trafficked Erie Avenue as well as a lofty position to the general surrounding area via a historic water tower.

Formerly the location of Philadelphia powerhouse manufacturing firms Progress Lighting and Crown Cork and Seal, the area is a historically proven home to corporate occupiers of the Philadelphia region, a direct correlation to the robust location and workforce. Coca Cola, General Electric and Cardone are all closely located. The area is also a growing hotspot for distribution and fulfillment with three Amazon locations and a Fresh Direct distribution center in under 1.5 miles.  There is a population of over 2.3 million within 30 minutes and an estimated labor force for logistics of slightly over 1 million. 
“We are thrilled to be able to bring this exciting new distribution center to market, especially given its competitive advantages of superb ceiling height, ample off-street trailer parking, and ease of access to I-95. This location has been underserved for many years, and the robust demand for last-mile distribution facilities will be of key importance in our success.”  shared Rich Gorodesky of the leasing team.

Court Street Ventures is led by Evan Kleppe who is partnering with Walton Street Capital, a Chicago-based real estate investment firm with gross assets of over $24 billion in the U.S. and abroad.

The Crown 95 Logistics Center is expected to break ground in 2021 and deliver in Q3 of 2022. Project features include an attractive Keystone Opportunity Zone (KOZ) designation offering a variety of lucrative tax incentives through 2028.  In addition to Colliers, Court Street Ventures will partner with Bohler Engineering, Langan, KSS Architects and IMC Construction as it brings the project to reality. 

View the project brochure here
 
View the property listing here.


For more information:

Richard Gorodesky, Senior Managing Director
+1 215 928 7545 richard.gorodesky@colliers.com
 
Brad Boone, Senior Vice President
+1 215 928 7510 brad.boone@colliers.com
 
Brian McCurdy, Senior Vice President
+1 215 928 7549 brian.mccurdy@colliers.com
 
Adam Gorodesky, Associate
+1 215 928 7565 adam.gorodesky@colliers.com

 

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About Colliers International

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn

 

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Richard Gorodesky

Senior Managing Director | Philadelphia

Philadelphia

Richard joined Colliers in 1995 after originally starting in commercial real estate in 1988. He is primarily responsible for the firm's industrial brokerage activity in the City of Philadelphia, but also works with clients throughout the eight-county metropolitan region and throughout the United States.

Drawing on his extensive business experience as a former Chief Financial Officer and venture capitalist, Richard is well established in the Philadelphia business community. He has frequently been invited to present in front of the Philadelphia City Council, concerning the attraction and retention of industrial business in the city, and continues to maintain strong relationships with numerous public officials, including the Philadelphia Industrial Development Corporation, The Commerce Department and several past and current members of the Philadelphia City Council.

Clients of Richard frequently speak about his professionalism and experience in handling difficult properties and complex transactions.

Richard sold one of the largest industrial properties in the country: The BUDD Company's 2.7 million square foot complex on 75+/- acres. He has also sold the largest industrial land site in Philadelphia (138 acres), twice.

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Brad Boone

Senior Vice President Brokerage Industrial

Philadelphia

Brad, a Philadelphia native and resident, is a Senior Vice President within the Industrial Services Group in Colliers International’s Philadelphia office. He specializes in development advisory, agency leasing and sales, and tenant representation. Geographically Brad is primarily focused on the Urban and Suburban Philadelphia marketplace along the I-95 and Pennsylvania Turnpike corridors. He has a significant focus on urban logistics and development advisory, including land sales, ground-up Class A development, value-add redevelopment of Class B assets, and leasing.

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Brian McCurdy

Senior Vice President

Philadelphia

Brian is a multi-talented commercial real estate broker with 15 years of experience in representing and building relationships with occupier and investor/developer clients across a diverse portfolio of industries and asset types. During his most recent tenure at JLL, Brian co-led JLL’s Philadelphia urban industrial brokerage practice and became the market leader in Philadelphia Class A Industrial Development and   Leasing transactions. Notably Brian held a 48% of market share of Class A industrial development within the City of Philadelphia, marketing over 2.5 MSF of development projects. Brian collaborates to provide integrated solutions to complex projects and has a talent for investment analysis and was broker lead on the first speculative industrial development project in Philadelphia in over 30 years.

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Adam Gorodesky

Associate - Industrial

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Adam joined Colliers in 2020 and is focused on selling and leasing industrial real estate in Philadelphia, serving his clients by using the Colliers regional and national platform. As a Certified Public Accountant, Adam is uniquely qualified to deliver trusted guidance to his clients. 

Previously, Adam was with Alterra Property Group in Philadelphia where he focused industrial, multifamily, and mixed-use properties, giving him a deep understanding of financial performance factors in a variety of commercial real estate sub-markets and product types. Prior to Alterra, he spent several years as a senior auditor with the Philadelphia office of the big four accounting firm KPMG, specializing in the Power & Utilities sector, auditing industrial clients and Fortune 500 companies. 

Adam is Argus Enterprise certified in addition to having strong real estate financial modeling and analytical skills in Excel.

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