Old Dominion Freight Line is expanding its presence in the Philadelphia region with the acquisition of a vacant freight property in Oaks, writes Natalie Kostelni for the Philadelphia Business Journal.
Old Dominion is one of many trucking companies that have been looking for service centers or terminals to buy or lease and thus drive up demand for this niche part of real estate.
“They don’t come up for sale very often, but when they do they go very quickly,” said Larry Bergen, a broker with Colliers International who arranged the sale of the Oaks property.
The property is a 16-acre truck terminal with a 30,000-square-foot building at 565 Hollow Road. It first went up for sale at the start of the pandemic, but at that time interest was tepid. However, this changed as the pandemic wore on and drastically altered online buying habits among consumers.
“When we started marketing this property we reached out to national trucking companies and they expressed an interest,” said Bergen. “When they sent people to look at the facility, everyone said, ‘We want to buy this property now.’ We were stunned at the level of interest.”
Read more about Old Dominion in the Philadelphia Business Journal.