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JV Plans Expansion for Wheeler Way Buy

LANGHORNE, PA-Preferred Real Estate Investments sells the 193,784-sf industrial facility at 900 Wheeler Way for $7.9 million. The new owner plans a 60,000-sf addition as the area vacancy drops to 5%.

By Marita Thomas | Updated on June 27, 2006

(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.

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