3850 SE Three Mile
US - McMinnville, OR
SEK 53,994,000 | 2,309 m²
Jones Lang LaSalle Americas, Inc. (“JLL”), has been retained to arrange the sale of 500 S Ridgeway Ave (the “Property” or “Site”), a 17.56-acre site currently improved by a +/- 128,000 square foot shell warehouse, former animal stable and three accessory utility buildings located in Glenolden, PA.
500 S Ridgeway provides qualified investors the opportunity to acquire a 17+ acre site zoned I-1, allowing for the by-right development of a distribution warehouse, production warehouse, or research/testing facility. Through re-zoning, the Site could be redeveloped into market-rate, affordable, or senior housing.
Strategically located directly off of Chester Pike (Route 13), 3.5 miles from Interstate 95, and 5.5 miles away from the Philadelphia Airport, the Site offers unparalleled proximity to both the shipping infrastructure and population hubs of the city of Philadelphia and its immediate suburbs.
The Site is zoned Industrial (I-1), allowing for by-right development of a research/engineering/testing laboratory and any production, processing, cleaning, repair, storage and distribution warehouse facility. The I-95 Corridor, between Trenton, NJ and Baltimore, MD is one of the highest performing industrial corridors in the United States. Totaling over 400 million square feet across 3,000 industrial properties, market fundamentals out preform the rest of the country with a vacancy rate of 2.4% (Q3 2022) and average Class A rent growth of 14.4% (year-over-year) since the start of 2017.
Through re-zoning, the Site could be developed into a market rate, affordable, or senior housing. Delaware County is home to more than 578,000 residents with a workforce population nearing 300,000. The County is supported by a mature, multi-modal transportation system, catering to the expanding population and developing economy that is home to over 13,000 companies in a variety of industries Some of the area’s largest employers include Boeing (Ridley Park), Harrah’s Chester Casino and Racetrack (Chester), and Sunoco Logistics (Marcus Hook).
Urban In-Fill Location
Given its excellent logistical location and connectivity to major highways serving Greater Philadelphia, 500 S Ridgeway is an ideal location for any tenant seeking to have a warehouse/manufacturing facility along the Northeast Corridor. The Property is situated less than 4 miles away from I-95 providing tenants with the benefit of reaching a vast customer base of over 40 million consumers via this Site at the midpoint between New York City and Washington D.C.
Proximity to Northeast Population Centers
500 S Ridgeway is positioned with immediate access to U.S Route 13 and an eight-minute drive to I-95, providing users with the ability to enter the region’s most vital highway system. The Property is located just 20-minutes from the Center of Philadelphia and within two-hours of New York City, Baltimore and Washington DC offering access to nearly 40-million consumers and a total GDP of $3.02 trillion.
Strong and Affordable Labor Pool
Located in Delaware County, submarket of Philadelphia, the Property benefits from a deep and affordable labor pool compared to locations further west of Center City Philadelphia. Within a twenty-five-minute drive of the Property, there is a population of over 1.9 million people, of which 32% are blue collar workers.
Superior Connectivity and Access
The Site benefits from its unrivaled location directly off U.S. Route 13 (Chester Pike) and 9 minutes away from Interstate 95 (Delaware Express) and Interstate 476 (Mid-County Expressway / Northeast Extension). This puts 500 S Ridgeway at the heart of the largest concentration of distributing/warehousing facilities in the Philadelphia region.