The Port of Philadelphia has finalized the $90 million acquisition of Mustin Yard, a 152-acre industrial site long targeted for expansion. The property, positioned south of I-95 and east of the Navy Yard, has been owned by Norfolk Southern Corp. since 2008.

The purchase represents a key milestone in PhilaPort’s 15-year strategic plan, unveiled last year, which outlines $2 billion in planned land acquisitions and infrastructure investments to strengthen the region’s maritime and logistics capacity.

The transaction was made possible through state funding and marks one of the largest land deals in the port’s recent history.

*Article courtesy of Philadelphia Business Journal

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