TCC Signs 88,665-SF Lease at Springbrooke Trade
Thayer Distribution Expands Footprint in Greater Philadelphia Industrial Market
April 12, 2023
Trammell Crow Company (TCC), a global real estate developer, and JV partner Affinius Capital announced that it has signed a tenant lease at the Springbrooke Trade Center, a two-building, 484,000-square-foot industrial development that was delivered in 2022. Thayer Distribution agreed to lease 88,665 square feet in Building 1, which is located at 300 Springbrooke Road in Aston, Pennsylvania. The wholesale distribution company subsequently agreed to extend its lease term at 500 Springbrooke Road (Building 2), where it occupies all of the facility’s 273,600 square feet of Class A logistics space. Thayer will expand into its new space at Building 1 during the second half of 2023.
Located 22 miles from Center City, Philadelphia, the buildings at Springbrooke Trade Center feature 36’ clear height, 7” concrete floor slabs, LED high-bay motion-sensor lighting, truck queuing lanes, and segregated car and truck areas. Thayer’s expansion brings Springbrooke Trade Center to fully leased.
“When designing Springbrooke Trade Center, we recognized that one or more companies could use this as a headquarters location given the exceptional curb appeal and modern logistics specifications. Thayer is now able to continue their growth by expanding their operations into Building 1 and keep all logistics operations in one location,” said John Pollock, Senior Vice President with TCC. “The Philadelphia Metro industrial market continues to see a huge amount of demand for Class A industrial space and, though there is a vast amount of space currently in development, we don’t believe we’ve reached equilibrium yet for supply/demand.”
According to CBRE’s Q4 2022 Philadelphia Metro Industrial report, the Philadelphia Metro industrial market is well positioned to bear the brunt of a possible recession with little signs of oversupply and historically low vacancy at 3.9%. Sustained demand is expected to keep occupancy growth positive in 2023. While 17.9 million square feet of space was still available for lease out of 21.9 million square feet under construction (at the close of Q4), this represents less than two years' worth of demand given the past three years net absorption levels.
CBRE represented the landlords in the lease negotiations, while Blackmore Realty Group represented the tenant.
Springbrooke Trade Center is situated a mile from I-95, with two full interchanges within 1.5 miles. The Philadelphia International Airport is located just 12 miles from the site, facilitating air, highway, marine and rail freight connections through a fully integrated transportation network. The Port of Philadelphia is within a 30-minute drive of the site.
Trammell Crow Company
Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of September 30, 2023, TCC had $15.4 billion of projects in process and $14.5 billion in its pipeline. It employs 650 professionals in 28 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.