The new company's principals--Dan Maguire, Jim Watson and Gabe Spector --were previously with Jenkintown, PA-based Pitcairn Properties, where they served as president, director of leasing and property management, and director of acquisitions, respectively.
The portfolio totals 314,000 sf and consists of two buildings in the Bucks County Business Center in Langhorne, PA, and three in Keystone Park in Bristol, PA.
The Langhorne properties are a 40,910-sf building at 1100 Wheeler, leased by UK-based Exel Logistics, the giant supply chain management company, and a 100,000-sf building at 181 Wheeler, also 100% occupied.
The Bristol properties are a 40,300-sf building at 311 Sinclair, fully leased to Toronto-based Triversity, a marketer of integrated point-of-sale systems to retailers; a 48,000-sf building at 1501 Grundy's Lane, leased to Sony Electronics, and an 85,000-sf facility at 1515 Grundy's Lane, fully occupied by New York-based L-3 Communications, a worldwide supplier of surveillance and reconnaissance systems.
Deutsche Bank provided acquisition financing and the equity was sourced in conjunction with Blue Bell, PA-based Capital Solutions. Watson says the buildings were "non-core assets to Liberty," and he adds that he and his partners have represented many buildings in the Bristol/Langhorne area.
Maguire says, "we're playing off a fundamental difference between the public and private markets for real estate ownership. Public REITs are oriented toward low leverage. As a private buyer, we're able to pay a fair price and bolt on higher-leveraged, long-term, fixed-rate debt that provides attractive equity returns."
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