(To read more on the industrial market, click here.)
LANGHORNE, PA-A partnership comprised of the East Brunswick, NJ-based Frank A. Greek & Son Inc. and the Des Moines-based Principal Global Investors has acquired a 193,784-sf industrial building at 900 Wheeler Way for $7.9 million, or nearly $41 per sf. The Conshohocken-based Preferred Real Estate Investments was the seller.
The building is currently 87% leased to Lenox Inc. for another two years, according to Michael Hines, EVP of the Philadelphia office of CB Richard Ellis. He and Michael Blunt of CBRE's investment property group represented Preferred and also procured the buyer.
"There's a 5% industrial vacancy in Bucks County, the lowest in the suburban Philadelphia submarkets," Hines tells GlobeSt.com. "This was a great opportunistic play." The new owners plan to expand the building by another 60,000 sf and raise the roof for additional ceiling height, "which will make it one of the best buildings in this very active industrial market." The current rental rate, he says, "is approximately $4 per sf."
The Wheeler Way building is at the intersections of US Routes 1 and 213 with easy access to Interstate 95 and the Pennsylvania Turnpike. It represented a non-core asset to Preferred, which typically redevelops larger-scale assets.
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