Bucks County Industrial Space

Wolf Commercial Real Estate is a leading Bucks County commercial real estate brokerage firm that specializes in a full range of Bucks County industrial space for commercial real estate investors, owners, buyers and tenants.

The team of real estate experts at our Bucks County commercial real estate brokerage firm represents all types of available industrial space in Bucks County and the surrounding area, from traditional uses for warehousing and manufacturing to the more complex Bucks County industrial flex space that allows for multiple uses at the same property, such as offices, showrooms, warehousing and more.

At Wolf Commercial Real Estate, we maintain a solid commitment to client-focused relationships. We are the Bucks County commercial real estate broker that combines the highest quality services with proven expertise in providing ongoing detailed information about available industrial space in Bucks County. Whether you are in the market to invest, buy, sell or lease Bucks County industrial flex space, Wolf Commercial Real Estate is the Bucks County commercial real estate brokerage firm with the people, the knowledge and the connections you need to close the deal.

For buyers and tenants, Wolf Commercial Real Estate can pinpoint the Bucks County industrial space that best fulfills your precise needs. We then ensure that the sale or lease terms for your new Bucks County industrial flex space meet the expectations you have for your commercial real estate goals. Wolf Commercial Real Estate is the Bucks County commercial real estate broker that stands as your partner from the very beginning of the relocation process to the very end, assuring an easy and effortless transition into your new industrial space in Bucks County.

Investors and owners planning to sell or lease their Bucks County industrial flex space will value the defined marketing process we have created to effectively match buyers and tenants with available industrial space in Bucks County. At Wolf Commercial Real Estate, we modify our marketing plan to consider the characteristics of each property and sub-market, providing clients and prospects access to a highly successful, proven marketing strategy in the Bucks County industrial space market. Demand is high for available industrial space in Bucks County. If you are thinking about selling or leasing your Bucks County industrial flex space, now is the time to act.

For more information about Bucks County industrial space, please contact Wolf Commercial Real Estate, the Bucks County commercial real estate broker that clients and prospects can count on for all their Bucks County commercial real estate needs.

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NorthPoint Plans $1.5B Redevelopment of U.S. Steel Site in Bucks County, 5,000 new jobs

NorthPoint Development Inc. is proposing to spend $1.5 billion to develop an initial 10 million square feet of industrial space on 1,800 acres it is buying from U.S. Steel in Bucks County.

The Kansas City, Mo., developer and owner of warehouse-distribution space expects to close in December on buying the land from U.S. Steel for an undisclosed price. It put the land under agreement in June after being selected by the steel company as the buyer. Once it closes on the land, NorthPoint plans to proceed with a $25 million environmental remediation of the former factory site used by U.S. Steel from 1952 until 1991.

In the meantime, the company plans to work on getting township approvals for the phased development of what it is calling the Keystone Trade Center that will be built at the Keystone Industrial Port Complex along the Delaware River. Developers expect the project to create between 5,000 and 10,000 new jobs.

Though NorthPoint has been working behind the scenes with township officials for a couple of months, it presented publicly for the first time on Oct. 27 a master plan before the planning commission.

The proposal by NorthPoint will greatly accelerate the transformation of U.S. Steel’s Fairless Works site. Though several tenants operate in buildings on the property, a wholesale redevelopment of the nearly 2,000 acres was a lofty ambition that never materialized. Now, with the the rise of e-commerce, brownfield properties such as these have become more valuable as land located in proximity to metropolitan areas and with access to major arteries have become scarce.

A similar redevelopment is set to play out a little more than 30 miles south on Interstate 95. A division of Hilco Global acquired in June the former Philadelphia Energy Solutions refinery and plans to transform its 1,300 acres into 13 million to 15 million square feet of light industrial, warehouse-distribution, last-mile and cold storage space. The Southwest Philadelphia property had operated as a refinery for the last 150 years and shuttered after an explosion and fire at the site in June 2019.

In the nine years it has been in business, NorthPoint has developed nearly 80 million square feet of warehouse-distribution space and raises $2 billion to $3 billion in capital annually to fund its development, said Jed Momot, NorthPoint chief strategy officer.

The private company is the largest landlord to General Motors and includes Chewy, Walmart, Ulta, Federal Express and Lowes among its tenants. It leased to Amazon six million square feet this year alone. The company expects similar tenants to occupy space at the Keystone Trade Center.

Outside of Missouri, it considers Pennsylvania to be its “second home,” Momot said. It owns 15 million square feet in the state mostly along the I-81 corridor between Greencastle and Scranton.

U.S. Steel evaluated 10 to 20 companies that were interested in the Falls site and ultimately selected NorthPoint because it has the expertise and experience to successfully execute on the proposed redevelopment, Momot said. He cited a former Harley Davidson manufacturing plant in York and a coal plant in Wilkes Barre as examples of brownfield redevelopment it has undertaken in Pennsylvania.

NorthPoint is initially proposing 10 million square feet of new development in 18 buildings on the U.S. Steel site to be developed over the next seven years but sees that potentially growing to 15 million square feet that would be built over 10 years. The company foresees eventually gaining additional land and buildings leased to other tenants once those leases expire, Momot said. It would then look to raze those structures to make way for the additional development.

Even at 10 million square feet, the Keystone Trade Center would be the largest along the I-95 corridor and along the Eastern Seaboard, Momot said. The company expects the development to create a minimum of 5,000 new jobs but as many as 10,000 at build out. “I think it will be a shot in the arm for the local and regional economy,” Momot said.

What tax incentives NorthPoint might seek couldn’t be determined. The property had been designated as a Keystone Opportunity Zone, which provides various breaks on state and local taxes.

NorthPoint expects to construct structures between 200,000 square feet and upwards of 2 million square feet as it continues to see tenants wanting buildings that large. Most of the development will take place on speculation, meaning without a tenant secured.

The company plans to move ahead during the early part of next year on 1.5 million square feet of speculative space in a couple of buildings. “NorthPoint has an aggressive timeline,” Momot said.

NorthPoint’s plans were well received by Falls planners and will proceed to the township’s supervisors for approval.

The company already has a presence in the region. NorthPoint signed a lease for a division of DHL International to occupy a 465,000-square-foot industrial building it is constructing at 11601 Roosevelt Blvd., a project that is helping to reshape Northeast Philadelphia into as a regional distribution market.

The company also bought last year a 1.3 million-square-foot building at 5501 Whitaker Ave. in Philadelphia last year from Cardone Industries. In 2018, it bought 11501 Roosevelt Blvd., a 230,000-square-foot building on 15.3 acres, and 11601 Roosevelt Blvd., a 441,846-square-foot building on 24 acres, from Lannett Co. and plans

*Article Courtesy of Philadelphia Business Journals

For more information about Bucks County Industrial space for sale or lease in Bucks County and Bucks County properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Bucks County commercial real estate broker that provides a full range of Bucks County commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Bucks County commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Bucks County commercial properties for lease or sale through our Bucks County commercial real estate brokerage firm.

MINIMIZING RISK IN SELLING OR DECOMMISSIONING INDUSTRIAL PROPERTY UNDER ISRA

In an improving economy, industrial property can change hands frequently. In a declining one, industrial property owners may be forced to wind up operations and close the facility. If you own or intend to purchase or shut down an industrial facility in New Jersey, pay particular attention to the provisions contained in the state’s Industrial Site Recovery Act.

ISRA is a unique environmental law that requires industrial facility owners and operators to investigate and remediate environmentally impacted media prior to the sale, transfer, or decommissioning of certain types of businesses. The thrust behind the law centers on the assumption that such industrial establishments, typically of the manufacturing variety, discharge, intentionally or not, contaminants during their useful life. Thus, before a sale, transfer, or closure, such property should be cleaned up appropriately. While there are exceptions, ISRA generally governs as follows.

ISRA applies to any individual or entity, corporate or governmental, who owns an industrial establishment, owns the real property of an industrial establishment, or operates an industrial establishment in New Jersey. The law only regulates those facilities listed in ISRA’s Appendix C and as defined by the North American Industry Classification System (NAICS) codes therein. Such industrial
establishments falling under ISRA’s purview include those used for chemical manufacturing, hazardous waste treatment and disposal, and utilities, to name a few. In addition, to qualify as an industrial establishment for purposes of ISRA, the business must have operated in the state on or after December 31, 1983 and use and/or store hazardous substances as defined by the state’s Spill Compensation and Control Act.
As the owner or operator of an industrial establishment, the need to comply with ISRA arises after a triggering event. Triggering events include significant changes in ownership or operation, such as business and property sales, cessation of operations, and leases for 99 years or longer. Examples of transactions not subject to ISRA include corporate reorganization not substantially affecting facility ownership, stock transfers, and easement grants. Similarly, portions of solid or hazardous waste facilities and undeveloped or vacant land are not considered industrial establishments for purposes of ISRA.

If a facility is subject to ISRA, and it does not qualify for any of the waivers or exemptions contained therein, the owner or operation must file a General Information Notice within five (5) days of any triggering event. Once notice is made, the owner or operator must conduct an environmental investigation in compliance with New Jersey’s Technical Requirements for Site Remediation,
found at N.J.A.C. 7:26E. At a minimum, a Preliminary Assessment (PA) must be performed by a Licensed Site Remediation Professional (LSRP) to identify any and all Areas of Concern. It should be noted that the scope of a PA differs materially from the American Society for Testing and Materials’ Phase I standard.

As such, if the PA discovers Areas of Concern, a subsequent Site Investigation shall be performed. The Site Investigation will explore the contaminants and determine if such exceed the current remediation standards contained in N.J.A.C. 7:26C. If contaminant levels exceed current standards, a Remedial Action Workplan (RAW) shall be proposed. The LSRP will oversee all remedial investigations and shall deliver a Response Action Outcome (RAO) once the property is deemed to be remediated to current state standards. For establishments undergoing a sale or transfer, an owner or operator must obtain an RAO, or a LSRPcertified RAW, before the transaction. For properties shutting down, an owner or operator must notify NJDEP after closing and submit a RAO or LSRP-certified RAW thereafter.

ISRA does however, allow an owner or operator to transfer ownership without an RAO or RAW in limited circumstances. An owner or operator may submit a remediation certification pursuant to N.J.A.C. 7:26B-3.3(c) instead of a RAO, or the Department can approve a regulated underground storage tank or remediation in progress waiver or a de minimis quality exemption. It should be stressed that both an owner and/or operator are strictly liable, without regard to fault, for compliance with ISRA. An
owner or operator’s failure to comply with ISRA allows a potential purchaser to rescind the sale and recover damages. Thus, it is of great importance, whether you are looking to buy, sell, or shutter an industrial establishment in New Jersey, to contact an attorney experienced in ISRA. The cost of doing business is great, but the cost of non-compliance is even greater.

For more information, please contact:

julie-lavan Julie LaVan, Esq.
New Jersey Office
11 E. Main Street
Second Floor
Moorestown, New Jersey 08057
(o) 856-235-4079
(f) 856-235-4018

michael-kondrla Michael Kondrla, Esq.
Philadelphia Office
1515 Market Street – Suite 1200
Philadelphia, PA 19102
(P) 215-854-6398
(f) 215-596-0216

Finding Cash Buyers & Private Lenders

Landlord or rehab ears, potential cash buyers need to know you’re committed to making them money. They need to know that they can benefit by working with you, you’ll do all the work and they’ll receive a high return on investment. Look around you there are private lenders everyone, people sitting on money in their bank accounts, if you can convince them that they can make more money investing with you. Both cash buyers and private lenders need to have an established relationship with you, including having trust in you. Just keep pushing the perceived benefits of working with you.

Key Takeaways:

You need to sell them on the perceived benefits of working with you.
Don’t be afraid to ask people for money.
Be sure to eliminate the negatives and reinforce the positives in all your marketing materials and push the perceived logical benefits.

“Cash buyers need to fully grasp how working with you will benefit them.”

Read full article here

New Apartments Coming to Francisville

Demolition of a row of 19th-century houses in the 1600 block of Poplar Street in Francisville is currently under way to make way for a new, 20-unit apartment development. KREIT is building a row of five four-unit apartment dwellings designed by JKRP Architects. The development will consist of 12 two-bedroom apartments and eight one-bedroom units.