The area’s commercial real estate status shifted twice recently, as Boston’s Novaya Foxfield sold a warehouse in Upper Merion leased to the Target Corp. and bought a plot in Langhorne. Natalie Kostelni mapped the activity for the Philadelphia Business Journal.
The 900 River Road transaction in Upper Merion divested Novaya Foxfield of its first CRE acquisition in the Phila. area, made in 2019.
The building, leased to Target Corp. with the idea of being a Target distribution center, while it was still under construction, netted $116 million. The property was formerly a Johnson Matthey Inc. chemical plant.
The Langhorne transaction was a $50 million outlay for nearly 80 acres of “underutilized” land from Reedman Toll Auto World. The two-transaction purchase transferred title on 37 parcels along Lincoln Highway, Old Lincoln Highway, and Virginia Avenue.
Reedman Toll’s site at 1700 Lincoln Highway was not part of the sale, and the lot continues as a viable car dealership.
The properties are zoned for light manufacturing and zoned for warehouse use, an industry that flourishes in that part of the county, owing to its proximity to long-distance trucking routes.
More on the Upper Merion property and the Langhorne property by Novaya Foxfield is at the Philadelphia Business Journal.