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The two-building property totaling 360,400 SF, is zoned CMX-3
PHILADELPHIA, PA – October 18, 2021 – Binswanger Commercial Real Estate Services, an innovator in commercial real estate since 1931, today announced that it has been selected as the Exclusive Agent to market Piers 38 and 40, property owned by the Philadelphia Regional Port Authority (commonly referred to as PhilaPort). The two piers, which will be sold together as one property, are located on the Delaware River waterfront at 775 S. Christopher Columbus Boulevard in the City of Philadelphia, Pennsylvania, 19147.
Built in 1920, the buildings are situated on 8.83 acres. Each of the two-story buildings is approximately 180,200 square feet (360,400 total square feet). Both piers are zoned CMX-3, Community Commercial Mixed-Use District which is intended to accommodate larger-scale commercial and retail uses as well as multifamily residential use.
“Sitting on the Delaware River overlooking New Jersey to the east, the property is Philadelphia’s next yet-to-be-developed waterfront location,” stated Chris Pennington, Vice President, Binswanger. “Mere yards from I-95 on- and off-ramps, this location provides access throughout Philadelphia, its suburbs, and New Jersey.
The property’s deeded gross area is approximately 12.098 acres to the Pierhead Line (approximately 8.83 acres within the Bulkhead Line). Each building consists of two-story masonry and steel frame industrial warehouses. There is an open area between the buildings consisting of reinforced concrete slab construction.
The property will be sold in a sealed bid process.
Additional information on the property, including a detailed offering memorandum, can be found by visiting piers38and40.com
All bids must be submitted by January 28, 2022.
About Binswanger
Binswanger, a global leader in full-service commercial real estate, has been helping its clients realize their full real estate potential since 1931. Founded by real estate innovator and pioneer, Frank Binswanger Sr., the company operates with the understanding that real estate has the ability to strengthen businesses and transform communities. The company offers a variety of services benefitting both owners and occupiers including global real estate brokerage, location consulting, investment sales, tenant representation, corporate advisory, strategic consulting, and a variety of management services. Having worked with more than half of the Fortune 500, the employee-owned company has long been known as the industry leader in the acquisition and disposition of industrial and commercial facilities around the globe. For more information, please visit www.binswanger.com.
DISCLAIMER AND LIMITING CONDITIONS
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This document has been prepared by Binswanger on behalf of PhilaPort to provide select information to prospective purchasers solely to provide for background purposes only. This document, and the information contained herein, is proprietary and strictly confidential, is subject to the terms and conditions of the separate Confidentiality Agreement signed by the recipient of this document and shall not be used for any other purpose or made available to any person or entity without the prior written consent of PhilaPort (in its sole discretion).
Neither this document nor any information, description, depiction or representation of or regarding the property or the condition or state thereof (or any portion thereof) contained herein purports, and shall not be deemed, construed or interpreted, to be comprehensive, complete, accurate or current or to contain all information which a prospective purchaser may deem necessary, desirable or prudent in evaluating whether to purchase the property. Without limiting the foregoing, all historical, demographic, economic, market or employment statistics, data or other information, statements, descriptions or characterizations in this document regarding the desirability, attractiveness, use or development of surrounding or nearby properties or areas, or any proposed or potential use or development of the property (or any portion thereof), are provided for general reference only.
A significant portion of the information contained or referred to in this document, or that will be made available to prospective purchasers (including, without limitation, all notes, details, comments, areas, acreage, riparian rights [including, without limitation, fast lands, submerged lands, pierhead lines and bulkhead lines], facilities, size, dimensions, boundaries, relationships, uses, markings, descriptions, explanations, numbers, figures, depictions, plans and any other materials or information) has been or will be compiled from a variety of sources, including, without limitation, public records and third parties. Neither Binswanger nor PhilaPort (or any of their respective employees, agents, representatives, affiliates or directors) has or will verify or investigate any such information or the qualifications, expertise or reputation of the individual(s) or entit(ies) providing or preparing such information. Any documents, reports or other information described in summary form in this document do not purport to be, and shall not be deemed, construed, or interpreted to be, complete or accurate descriptions of the full agreements involved or a legal analysis or interpretation of such documents, reports, or other information.
NEITHER BINSWANGER NOR PHILAPORT (OR ANY OF THEIR RESPECTIVE EMPLOYEES, AGENTS, REPRESENTATIVES, AFFILIATES OR DIRECTORS) HAS MADE, DOES MAKE, AND SPECIFICALLY NEGATES AND DISCLAIMS, ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND, CHARACTER OR NATURE WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO (A) THE CURRENT OR FUTURE VALUE OR PERFORMANCE OF THE PROPERTY (OR ANY PORTION THEREOF), (B) THE NATURE, QUALITY, STATUS OR CONDITION OF THE PROPERTY (OR ANY PORTION THEREOF), INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL, GEOLOGY, AND PHYSICAL OR ENVIRONMENTAL CONDITION, (C) THE ABILITY OR SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES A PROSPECTIVE PURCHASER MAY CONDUCT OR INTEND TO CONDUCT THEREON OR THEREIN, (D) THE COMPLIANCE OF OR BY THE PROPERTY OR ITS OPERATION (IF ANY) WITH ANY LAWS, RULES, ORDINANCES, CODES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL, QUASI-GOVERNMENTAL OR REGULATORTY AUTHORITY, AGENCY, BOARD OR BODY, (E) THE HABITABILITY, MERCHANTIBILITY OR FITNESS OF THE PROPERTY (OR ANY PORTION THEREOF) FOR A PARTICULAR PURPOSE, OR (F) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY. BINSWANGER AND PHILAPORT, EACH FOR ITSELF AND ITS RESPECTIVE EMPLOYEES, AGENTS, REPRESENTATIVES, AFFILIATES OR DIRECTORS, DISCLAIMS ANY RESPONSIBILITY OR LIABILITY FOR ANY AND ALL INFORMATION CONTAINED IN OR OMITTED FROM THIS DOCUMENT OR ANY OTHER WRITTEN OR ORAL COMMUNICATION TRANSMITTED OR MADE AVAILABLE TO A PROSPECTIVE PURCHASER.
A prospective purchaser shall be solely responsible, at its sole cost and expense, to independently confirm and verify all information contained in this document and to conduct and perform any and all other inquiries, investigations, analyses and conclusions which such prospective purchaser may deem necessary, desirable or prudent in evaluating whether to purchase the property. Prospective purchasers are recommended to seek professional advice, including, without limitation, legal, tax, environmental, engineering and others as deemed necessary, desirable, or prudent in connection with any purchase of the property. Without limiting any other provision of this document, all of the information in this document is also subject to market conditions and the state of the economy, particularly volatility in the real estate market.
This document is not a legally binding document or offer to sell the property. PhilaPort shall have no legal commitment or obligation to any prospective purchaser unless and until PhilaPort and the prospective purchaser selected execute and deliver a legally binding written sale and purchase agreement and any conditions to the prospective purchaser’s obligations thereunder have been fully satisfied or waived in writing. In no event shall Binswanger or PhilaPort be responsible or liable for any costs, expenses or fees (including, but not limited to, attorneys’ and other professional fees) incurred by or on behalf of a prospective purchaser in connection with this document, even if the recipient of this document is not selected to purchase the property. Such prospective purchaser shall be solely responsible for all such costs, expenses and fees. PhilaPort expressly reserves the right, in its sole discretion, to reject any offer to purchase the property, to terminate any discussions or negotiations with any party, and to withdraw this document, at any time, with or without written notice. Binswanger and PhilaPort reserve the right to simultaneously negotiate with one or more prospective purchasers at any at time.
In no event shall a prospective purchaser have, and each prospective purchaser waives, discharges and releases, Binswanger and PhilaPort (and each of their respective employees, agents, representatives, affiliates and directors) for, from and against any and all any and all claims, rights, remedies, recourse, damages, liabilities or causes of action relating to or arising from this document or any portion hereof and/or the marketing and sale of the property.
The terms and conditions stated in this Disclaimer and Limiting Conditions shall relate to all of the sections and information contained in this document as if stated independently and in full in each section or part of this document.
