Exciting New Mixed-Use Development by SHIFT Capital
February 3, 2020 [Philadelphia, PA] – Colliers International has been selected as exclusive agent in the marketing of a one-of-a-kind adaptive reuse property at 956 E. Erie Avenue, strategically located in the Kensington and Juniata Park neighborhoods of Philadelphia. The versatile industrial complex offers both adaptive reuse and build to suit opportunities and will be anchored by the Glasshouse Sports & Education Center powered by the Ertz Family Foundation, and Street Soccer USA. Richard Gorodesky of Colliers’ industrial division and Todd Sussman of Colliers’ retail division will be overseeing the assignment on behalf of the owner, SHIFT Capital.
956 E. Erie Avenue was once home to Progress Lighting and sits just across from Coca Cola’s regional headquarters and SHIFT’s MaKen Studios. It is two blocks from St. Christopher’s Hospital and three blocks from the Market Frankford Tioga stop. Additionally, the complex enjoys proximity to I-95 and the Betsy Ross Bridge.
The area is fast becoming a destination for affordable space to launch ideas and build businesses. With this substantial investment, SHIFT aspires to further ignite this exciting corridor.
The leasing opportunities Colliers will market include a total available square footage of up to 600,000 square feet, with blocks of space ranging from 15,000 to 181,000 square feet. Build to suit development options between 60,000 and 100,000 square feet are also available on the 19-acre site.
“Because of its sheer size we believe 956 E. Erie provides unprecedented space for industrial, creative, business and community users. It has the ability to bring together multiple users including manufacturing, distribution, retail, sports and recreation, medical, and community spaces.” cited Richard Gorodesky of Colliers. “For that reason, we have assembled a multi-functional broker team that will explore all user groups for this dynamic property.”
Glasshouse Sports & Education Center
956 E. Erie will be anchored by the Glasshouse Sports & Education Center. The Ertz Family Foundation and Street Soccer USA are partnering to build Philadelphia’s first world-class multi-sport indoor/outdoor education complex committed to building healthy communities through sports. The facility will be home to a major youth and adult soccer league campus, projected to open in 2021.
“956 E. Erie has a wonderful ‘city-within-a-city’ feeling and we see it as a future multiplex where people experience entertainment, sport, food, and engage with the community. We are happy to partner with Colliers as we seek tenants that align with our vision.” said Jeff Kahn of SHIFT.
956 E. Erie Avenue is a Keystone Opportunity Zone site. This is one of the most powerful subsidies in the state of Pennsylvania. Tenants are eligible for state and local tax credits, exemptions and tax abatements through December 31, 2028.
For further information:
View the Listing on Colliers.com
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.
About SHIFT Capital
SHIFT is a solutions-based impact real estate investment group who takes an integrated approach to developing equitable inclusive communities that thrive. Its investment in communities is driven by a blend of financing across the private, public and nonprofit sectors and partnerships and programming with city, community, and industry leaders. SHIFT uses private equity to spur development and activate other types of capital, including philanthropic dollars, government support, and program-related investments. SHIFT connect these sectors and capital investments to create the maximum collective impact for its target neighborhoods.