Crow Holdings Development is planning to build a 150,000-square-foot industrial building on a 14.4-acre Northeast Philadelphia site it recently acquired for $8 million, writes Paul Schwedelson for the Philadelphia Business Journal.

The Dallas real estate investment firm purchased the site from the Philadelphia Authority for Industrial Development, which is a subsidiary of Philadelphia Industrial Development Corp.

Considering that the majority of new industrial warehouses are 300,000 square feet or larger, Clark Machemer, Crow Holdings Development Senior Managing Director, believes there is an opportunity in having a smaller building at the site.

“You’re going to start to see some larger projects being delivered and soon to be delivered, which gets back to our thesis of the building size,” said Machemer. “We really find it attractive and feel like it’s a sweet spot in the market.”

The warehouse is being constructed speculatively without a tenant. However, according to Machemer, the company has already conducted several preliminary conversations with prospective tenants.

That is considered to be well ahead of schedule, as typically such conversations only happen after the walls of the building have been constructed.

Read more about the plans for a warehouse in the Philadelphia Business Journal.

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