The seller, Delana Blore of Dance Elite, a well-known area dance instructor, acquired the building for $1.4 million in December 2003. She used the space for ballet performances as well as dance classes before deciding to retire, says Russ Menk, a Grubb & Ellis vice president with offices in King of Prussia and Marlton, NJ.

Menk represented Dance Elite in acquiring the property and was also the sole broker in the Sequoia transaction. "It is a former industrial building that dates back to the 1950s," he tells GlobeSt.com, "but is best known as the once-popular Warrington Skating Rink, which operated for many years." Dance Elite changed its name to the Performance Rink.

The building is located on three acres and has a second-story, two-bedroom apartment and a separate 3,049-sf garage. Menk says Sequoia is adding a new façade and between 10,000 sf and 15,000 sf of additional office and warehouse space. "The property has high visibility and is well located. There's a lot of activity in this area of Bucks County," he says, pointing to the 140-acre Valley Square mixed-use development underway along with other nearby residential and office construction.