PHILADELPHIA — The Port of Philadelphia has acquired a 152-acre rail yard adjacent to the port from Norfolk Southern, and will activate an existing intermodal transfer facility at the site.
Acquisition of the Mustin Yard property is part of development plans outlined in the port’s recently released strategic plan looking ahead to 2040. The Philadelphia Business Journal reports in a paywalled article that the port purchased the site for $90 million.
The port says the property, originally part of the Philadelphia Navy Yard, is the last available land adjacent to the port with water, rail, and highway access. The port and NS plan to use the property’s intermodal facility to expand the logistics reach for port users and local shipppers.
“This is a generational opportunity for the Port of Philadelphia,” Mic hael Pearson, chairman of the PhilaPort board of directors, said in a press release. “The Mustin Yard site gives us the space to grow and the ability to open doors for more people, especially those seeking careers in maritime.” The port’s CEO, Jeff Theobald, called the acquisition “one of the most transformative moments in our history,” and said, “it gives us the capacity to grow in ways we’ve only imagined, positioning PhilaPort for a new era of expansion, job growth, and leadership in global trade.”
The parties said the transaction was finalized on Sept. 30.
“The opportunity with PhilaPort reflects our strategy to thoughtfully leverage our land assets to strengthen partnerships with freight-centric ports, enhance intermodal connectivity, and drive collective growth,” said Cliff Garner, NS assistant vice president real estate and facility services. “We look forward to continuing to work with PhilaPort to expand supply chain infrastructure and deliver long-term economic value to the region.”
