June 6, 2018 – Cushman & Wakefield has been named exclusive leasing and sales agent for 2501 North 15th Street, Philadelphia. The commercial real estate firm’s Matthew Marshall, managing director, and Paul Garvey, senior director, are heading the assignment on behalf of the building’s owner, Corniche Capital.
The 95,000-square-foot warehouse/distribution asset, which is available for sale or lease, is uniquely situated just two and a half miles north of Center City near the campus of Temple University. The building’s proximity to Philadelphia’s thriving downtown and suburbs, makes it an exceptional last mile distribution facility, while the proximity to the region’s transit system makes it easy to reach a talented workforce.
“There has been a significant increase in demand from e-commerce retailers for infill warehouse/distribution space to better service the growing Philadelphia population,” said Marshall. “This property in the commercial business district occupies a full city block with frontage on four streets, and its unparalleled location puts prospective tenants at their customers’ doorsteps.”
“We are very bullish on Philadelphia as well as the industrial real estate sector as a whole,” said Corniche Capital President David Ebrahimzadeh. “There is a void in the Philadelphia market to satisfy last mile delivery, which we are hoping to fill.”
A large and diverse demographic can be accessed from this location. Retailers, distribution companies and manufacturers can reach Philadelphia’s growing millennial population and increasing population of former suburbanites relocating back to the downtown.
The city is enjoying the longest period of economic expansion in the last 50 years, adding 55,100 jobs since 2010 and showing positive job growth in 12 of the last 13 years. Over the past five years, 26 percent of all in-movers have moved to downtown Philadelphia. Greater Center City, which welcomed an estimated 190,000 new residents in 2017, is the fastest-growing residential area.
Access to the Mainline, Chestnut Hill and the large residential population in Northeast Philadelphia is another attraction, Marshall noted. “The critical mass of talent in Philadelphia is a powerful draw for employers, as 79 percent of downtown residents have a bachelor’s degree or higher, and employers have exposure to a steady stream of graduates from 15 area colleges and universities.”
Millennials comprise 40 percent of the downtown population, he added, followed closely by empty nesters and growing numbers of families with children. “As a result, a total of 23,385 residential units have been added in Greater Center City since 2000, with a record-setting 2,680 new apartments, single-family homes and condominiums constructed in 2017.”
Employees commuting from outside the city to 2501 North 15th Street property are only one block from connecting to the city’s multimodal transit system, which includes light and regional rail and bus lines. The system provides more than a million suburban residents with a level of accessibility unmatched in the region.
“With e-commerce continuing to gain share of total retail sales, we are confident that tenants looking for distribution space in the market will react favorably to the building’s prime location,” said Marshall.