Bridge Point Philadelphia at 2951 Orthodox St. in Philadelphia — Courtesy: Bridge Industrial
By Joshua Burd
Bridge Industrial has found its first tenant for a two-building campus in Philadelphia, leasing nearly 149,000 square feet to the ecommerce logistics firm Veho.
The developer, whose Northeast team is based in Parsippany, said the deal comes two and a half years after it acquired the site at 2951 Orthodox St. and began extensive remediation. Veho, a technology platform serving top retail and ecommerce brands, will occupy Building 1 within the 890,312-square-foot Bridge Point Philadelphia campus.
JLL’s Larry Maister and Kyle Lockard represented Bridge Industrial, while Barrett Stephan and Brian Hilger of KBC Advisors represented the tenant. The team noted that the 148,611-square-foot deal is the first Class A industrial lease executed in the market in more than a year.
“Bridge Point Philadelphia showcases our proficiency in skilled remediation and delivering state-of-the-art industrial real estate to our core markets,” said Jeff Milanaik, Bridge Industrial’s Northeast region partner. “The previously abandoned site required extensive environmental and geotechnical remediation which necessitated partnering with the city of Philadelphia on the detailed rezoning process. We are honored to bring both a thriving industrial park and a tenant like Veho to support local economic growth.”
Bridge Industrial completed construction at the site this past spring, resulting in two buildings that have gold certification on the U.S. Green Building Council’s Leadership in Energy and Environmental Design scale. The firm announced the deal with Veho while noting that the startup’s platform allows consumers to control when, where and how their packages are delivered, to provide specific delivery instructions and communicate with their delivery driver-partner, all while using GPS, artificial intelligence and machine learning to ensure packages are delivered as consumers expect.
Philadelphia is one of Veho’s largest markets nationwide, Bridge said.
“This has been a key development project in our portfolio,” said Connor Milanaik, a senior director for investments at Bridge Industrial. “In addition to remediating, rezoning and transforming the site, we were also focused on finding the right tenants. We are thrilled to have secured a leader in the last-mile category that will add great value to the market and surrounding community.”
The developer continues to market the second building, which spans 741,701 square feet.
