Philadelphia, March 10, 2011- Mayor Michael A. Nutter along with representatives of DB Schenker, an international transportation and logistics company, announced that the company’s regional operations has been consolidated in Philadelphia in a previously unoccupied building at 3501 Island Avenue in the Eastwick section of Southwest Philadelphia.
DB Schenker, which was previously located in two facilities in Delaware County, transferred their 130 existing employees to the new location. The 84,471 square foot building, which was acquired by the Board of City Trusts and an affiliate of Stockton Real Estate Advisors, includes warehouse and office space and has the ability to have its capacity to be expanded by 45,000 square feet.
“Philadelphia keeps attracting new businesses. DB Schenker will benefit from the city’s many competitive advantages such as a world-class international airport and transportation infrastructure. Our city is a smart choice for logistics businesses and for any business, and I’d like to thank DB Schenker for working with the City and PIDC to relocate here,” said Mayor Nutter.
Tom Driscoll, DB Schenker Northeast Area Director added, “This new location, close to both the airport and major highways, allows us to ensure our customers’ expedited shipments meet their time-definite delivery schedules.”
The building at 3501 Island Avenue was acquired in May, 2008 through a partnership by the Board of City Trusts and an affiliate of Stockton Real Estate Advisors, LLC. The acquisition lease was signed in May, 2010, and renovations began in summer 2010. Funding sources for the relocation include two PIDC Growth Loans and a private loan from Beneficial Bank.
“We are proud to have collaborated with the Mayor’s office, the City of Philadelphia and PIDC to secure the tenancy of Schenker in 3501 Island Avenue. This transaction reflects Mayor Nutter’s emphasis on finding ways to strengthen the City through business expansion and job creation,” said James L. Paterno, founder of Stockton Real Estate Advisors and General Partner of the ownership entity. “Ideally located just off of Interstate 95, with easy access to I-76 and I-476, 3501 Island Avenue is less than a mile from Philadelphia International Airport. The property was particularly attractive to Schenker given the shortage of institutional-quality warehouse and distribution space close to the airport. An additional 20,000 square feet of floor area under roof and 45,000 square feet of contiguous on-site expansion, provides Schenker with significant capacity as the company grows this important regional hub.”
DB Schenker
DB Schenker combines all transport and logistic activities of Deutsche Bahn employing over 91,000 staff spread across about 2,000 locations in about 130 countries. With turnover of over 15 billion Euros, we are a leading company worldwide.
In North America, by using an integrated mix of aircraft and trucks, DB Schenker can implement supply chain solutions throughout the USA with expedited delivery to every important business center in the North America. Customers can select from several product options: Guaranteed, which includes guaranteed overnight and second day options and Saver, guaranteed time-definite ground; and cost-competitive Standard overnight and second day.
The Board of Directors of City Trusts
The Board of Directors of City Trusts was established in 1869 when a group of spirited and influential citizens of Philadelphia felt that the monies left in trust to the City of Philadelphia lacked continuity in management. An Act of the General Assembly of the Commonwealth of Pennsylvania continued to vest trusteeship in the City, but placed administration of the trust under the Board of Directors. This Board is appointed by and accountable for its actions to the Judges of the Court of Common Pleas of Philadelphia. Membership consists of 12 citizens, and the Mayor and Council President of the City of Philadelphia, who serve without compensation.
Stockton Real Estate Advisors
Stockton Real Estate Advisors and affiliated entities are comprised of an elite group of industry experts who are delivering a new investment and service platform. The Stockton approach leverages 25+ years of experience by acquiring well-located but under-performing office, industrial and flex properties in need of leasing, re-development or recapitalization solutions. Additionally, Stockton acquires individual and portfolio whole loan and mezzanine assets with underlying office and industrial property security.
Stockton Real Estate Advisors provides extensive experience in all aspects of commercial real estate including identifying, underwriting and negotiating individual and portfolio asset acquisitions, execution of leasing, property management and capital improvement programs, and executive-level corporate, landlord, and tenant advisory functions. For more information, please visit www.stocktonadvisors.biz.
