Speed Bay Warehouse Solutions has acquired an eight-building, 488,936-square-foot light industrial portfolio across southeastern Pennsylvania and Southern New Jersey. The Philadelphia Interstate Portfolio represents Speed Bay’s first acquisition in the Philadelphia and Southern New Jersey market and its first transaction in the broader Northeast region.
The transaction advances Speed Bay’s strategy of acquiring shallow-bay, multi-tenant industrial properties in densely populated, supply-constrained infill markets across the United States.
The portfolio includes properties in Burlington County, New Jersey, along with East Montgomery and Delaware counties in Pennsylvania. The locations provide access to Interstate 95, Interstate 76 or Interstate 295, connecting tenants with the Greater Philadelphia metropolitan area and the wider East Coast corridor.
Speed Bay said the portfolio is currently 89.6% leased.
The eight buildings contain 24 suites with an average unit size of approximately 20,372 square feet. The properties were constructed between 1972 and 2004 and offer clear heights ranging from 17 feet to 33 feet.
The portfolio also includes a combination of dock-high and grade-level loading configurations.
Dock-high loading allows trucks to align with elevated warehouse floors, making it easier to transfer palletized goods and other freight. Grade-level loading provides direct access from the ground and can support vehicles, equipment and businesses that do not require traditional loading docks.
These features allow the properties to serve tenants with different operational requirements.
Existing occupants operate across transportation, warehousing, manufacturing, health care and social assistance, along with arts, entertainment and recreation.
Shallow-bay industrial buildings generally contain smaller units than large distribution centers and are often used by local and regional businesses. Typical users may include contractors, service providers, manufacturers, distributors, e-commerce businesses and companies requiring a combination of warehouse, production and office space.
These properties are frequently located near population centers because tenants need convenient access to customers, employees, suppliers and transportation networks.
Speed Bay believes demand for this type of space is supported by the limited availability of well-located industrial land in established metropolitan areas.
New industrial development in infill markets can be restricted by land costs, zoning limitations, competing uses and the difficulty of assembling large development sites. Those conditions may support demand for existing properties that offer functional space and strong highway access.
The acquisition gives Speed Bay an initial operating platform in a region it has identified as a strategic investment priority.
The company plans to apply its hands-on asset management and operating model to the portfolio while supporting the businesses occupying its buildings.
Head of Acquisitions Michael Moriarty said the properties’ highway connectivity and range of suite sizes position the portfolio to serve a diverse tenant base.
The transaction also expands Speed Bay’s geographic footprint beyond its existing markets.
The Denver-based company maintains regional offices in Dallas, Atlanta and the Northeast, with additional personnel in Philadelphia, Phoenix and Tampa.
Speed Bay was founded in 2024 by Evan Zucker and Jimmy Mulvihill, the entrepreneurs behind Black Creek Group.
Black Creek was a real estate investment management company acquired by Ares Management in 2021. Speed Bay’s senior management team has an average of approximately 30 years of industrial real estate experience.
The company focuses exclusively on shallow-bay, multi-tenant light industrial assets and operates as a vertically integrated investment and management platform.
Vertical integration allows an owner to manage multiple parts of the real estate investment process internally, including acquisitions, financing, leasing, property operations and asset management.
Speed Bay expects the Philadelphia Interstate Portfolio to provide a foundation for additional acquisitions across Philadelphia and other Northeast markets.
KEY QUOTE:
“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.”
“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.”
Michael Moriarty, Head of Acquisitions at Speed Bay Warehouse Solutions
