Press Release brought to you by Advance Realty
Joint Venture of Advance Realty and The Davis Companies Acquires 675,000 SF High-Tech Facility in Montgomery County, PA
2750 Morris Road Property Features 570,000 Square Feet of Climate-Controlled Tech, Assembly, Warehouse Space and 105,000 Square Feet of Office Space; JV to Reposition and Re-Tenant Property
A joint-venture partnership of Advance Realty and The Davis Companies today announced that it has acquired 2750 Morris Road, a 675,000-square-foot high-tech assembly and warehouse facility located in Montgomery County, Lansdale, Pennsylvania.
Situated adjacent to the northeast extension of the Pennsylvania Turnpike, 2750 Morris Road offers tenants convenient access to Routes 202, 309 and 63 and has direct frontage as well as visibility from the Pennsylvania Turnpike.
Originally an electronics plant for the Ford Motor Co., 2750 Morris Road is comprised of approximately 570,000 square feet of climate-controlled technology, assembly, warehouse, and production space and 105,000 square feet of two-story office space. The property boasts significant infrastructure, including dual substation power feeds, systems for delivery of chilled water and compressed air, and five diesel generators that are capable of supporting the entire facility and providing the transfer of continuous power without interruption.
Its temperature and humidity controlled environment makes the Lansdale facility particularly well suited for companies seeking versatile, high-quality warehouse, manufacturing, or assembly space.
The property currently has 350,156 square feet of warehouse/manufacturing space and 70,442 square feet of office space available for lease. Campus tenants include Vygon Corporation, Metso Corporation and Fox Bindery.
The new ownership will reposition and re-tenant the property with a planned comprehensive capital improvement program that includes roofing and flooring upgrades as well as common area improvements.
“2750 Morris Road offers significant in-place infrastructure at below replacement cost rents, which affords an environment that is not only unique in this marketplace, but competitively priced,” said Peter Cocoziello, President and CEO of Advance Realty. “Both Advance Realty and The Davis Companies have deep experience adding value to properties so they can realize their significant underlying potential, and we look forward to seeing this asset fully-leased to companies looking to take advantage of the property’s inherent value.”
“In addition to a central location in Montgomery County, which boasts one of the state’s most robust economic corridors, 2750 Morris Road represents an ideal venue for companies that are looking for highly improved industrial space at competitive rents to accommodate their growth,” said Richard McCready, President of The Davis Companies.
Christopher M. Bellapianta represented the JV partnership in the transaction. Bellapianta serves as Director of Finance and Acquisitions for Advance Realty, a leading northeastern U.S. owner and developer of commercial, multi-family, R&D, retail, mixed-use, and flex-space properties.
Managing Director Greg Nalbandian, of NorthMarq Capital, LLC, arranged debt financing through Wells Fargo for this acquisition.
The JV partnership has retained CBRE as the exclusive leasing agent for the property and will be represented by Paul Touhey, senior vice president, Brian L. Smyth, vice president and Drew Green, associate.
About Advance Realty
Advance Realty is a privately owned real estate development, investment and management company headquartered in Bridgewater, N.J. Since its inception in 1979, Advance Realty has acquired or developed more than 10 million square feet of commercial, residential, R&D, industrial and mixed-use projects. Today, the company owns, manages and invests in a diversified portfolio of office, retail, industrial, residential and mixed-use assets in key urban and suburban markets along the Northeast Corridor. The company actively pursues real estate investments that provide opportunity to enhance value through development, repositioning and redevelopment. Advance’s strong capital base, fully integrated platform, outstanding talent and flexibility as a privately held organization position the company for continued growth. For more information, visit www.advancere.com.
About The Davis Companies
The Davis Companies (www.thedaviscompanies.com), a real estate investment, development and management firm based in Boston, Mass., was founded in 1976. On behalf of their clients, they have invested in approximately 140 properties representing approximately $3.0 billion in gross asset value and have acquired approximately $550 million of commercial loans and real estate securities. Today, The Davis Companies, together with its affiliates, owns and manages a real estate portfolio of approximately 12 million square feet and is an active investor in real estate equity, debt, and fixed-income real estate securities.
09/17/2014 - 12:57