The former Johnson Matthey chemicals plant in Conshohocken is going to be converted into a warehouse complex by a unit of Boston’s Novaya Real Estate Ventures, writes Jacob Adelman for The Philadelphia Inquirer.
Novaya Foxfield Industrial acquired the 29-acre property for an undisclosed amount and is planning to clear it for its new 350,000-square-foot complex. The investment firm that focuses on properties in the Mid-Atlantic region is calling the project the King of Prussia Logistics Hub.
“We are excited to announce the acquisition of this premier, infill, industrial development site in a submarket that is underserved for Class A warehouse and distribution product,“ said Novaya Foxfield Principal Jeff Harper.
He added that the KOP Logistics Hub represents a bullseye for any company that is interested in getting its products into the Western Suburbs of Philadelphia and beyond.
This is mainly due to its proximity to the Schuylkill Expressway, Blue Route and Pennsylvania Turnpike, as well as the rich labor pools that come from the nearby densely populated neighborhoods.
Johnson Matthey announced the closing of the plant in April last year.
Read more about the planned conversion at The Philadelphia Inquirer by clicking here.
