Speed Bay Warehouse Solutions, a Denver-based vertically integrated real estate investment and operating platform focused exclusively on shallow bay, multi-tenant light industrial real estate, recently acquired The Philadelphia Interstate Portfolio, an eight-building, 488,936-square-foot small-bay industrial portfolio located across Burlington County, New Jersey, and East Montgomery and Delaware Counties in Pennsylvania. The $84 million acquisition, which marks Speed Bay’s first in both the Philadelphia /Southern New Jersey market and the broader Northeast region, advances the firm’s strategy to invest in small-bay, multi-tenant industrial assets situated in high-demand, supply-constrained infill markets across the U.S.
The portfolio, which is currently 89.6% leased, is comprised of property vintages spanning from 1972 to 2004. Across 24 suites, the average unit size is 20,372 square feet. Combined with clear heights ranging from 17 to 33 feet and a mix of both dock-high and grade-level loading, the portfolio offers a highly functional product that meets the needs of a diverse group of tenants operating in a variety of industries including transportation, warehousing, manufacturing, health care/social assistance, arts, entertainment, recreation and more. Each asset offers near-immediate access to I-95, I-76, or I-295, providing connectivity not only to the Greater Philadelphia MSA, but also to the broader East Coast corridor.
“This acquisition represents an important step in our expansion within the Northeast, a region we have identified as a strategic priority for investment given its dense, infill markets and constrained new supply,” said Michael Moriarty, head of acquisitions at Speed Bay. “This portfolio’s seamless connectivity to the growing population density of the East Coast and various suite size options to meet a diverse tenant demand set ideally position these assets to effectively provide quality warehouse solutions that support the growth of small businesses in the region. We look forward to applying our hands-on operating approach to support our tenants’ critical business functions within these assets as we continue to grow our presence in the Philadelphia and Northeast markets.”
Founded in 2024 by Evan Zucker and Jimmy Mulvihill—the entrepreneurs behind Black Creek Group, a leading real estate investment management firm acquired by Ares Management (NYSE: ARES) in 2021—Speed Bay’s senior management team brings an average of approximately 30 years of experience executing across all aspects of the industrial sector. Speed Bay is headquartered in Denver with regional offices in Dallas, Atlanta, and the Northeast, and personnel in Philadelphia, Phoenix, and Tampa.