Cushman & Wakefield brokered the sale of 7777 State Rd. to a local recycling company after successfully rezoning the foreclosed 58-acre site along the Delaware River for industrial use. The sale from 7777 State PA Philadelphia Loan Associates LLC to Morris Iron & Steel Co. represents a new beginning for a property that sat fallow since a planned mixed-use development failed to get off the ground in 2005.
Located in the northeastern part of the city, the property presented challenges, including a three-year foreclosure process, its location adjacent to a prison and an application to the City Council to rezone it from residential to industrial use, said Brian Hilger, director of brokerage services for Cushman & Wakefield's Conshohocken office. The city had changed zoning for the site to residential-mixed-use development 12 years ago.
"We had to go back to the City Council and request it be rezoned for industrial. The city council made it clear that they wanted to see it developed in a way that would create jobs and not create a lot of traffic," said Hilger, who worked with Ned Franke in Cushman & Wakefield's Chicago office to complete the sale. "This parcel has access to I-95 and they are doing major improvements to the highway that will help the city."
Hilger noted that the sale and redevelopment will provide the benefit of returning an unused property to the city's tax roles as well creating jobs. In addition, Morris Iron & Steel, a recycling company located in the Greater Philadelphia area, has agreed to donate several acres to community groups to create a river walk.
Cushman & Wakefield's Conshohocken office recently has completed two other deals that should help generate jobs in Greater Philadelphia. The office arranged the sale of the 590,000-square-foot Mondelez-Nabisco facility at 12000 Roosevelt Blvd. and 3601 Island Ave., an 85,000-square-foot manufacturing building near Philadelphia International Airport.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients' ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.