LANSDALE, PA—A joint-venture partnership of Advance Realty and The Davis Companies has acquired 2750 Morris Road, a 675,000-square-foot high-tech assembly and warehouse facility located in Lansdale, Montgomery County, PA.
Located near the northeast extension of the Pennsylvania Turnpike, 2750 Morris Road has convenient access to key arteries, including Routes 202, 309 and 63, and has direct frontage as well as visibility from the Pennsylvania Turnpike.
“2750 Morris Road offers significant in-place infrastructure at below replacement cost rents,” says 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,” says Richard McCready, president of The Davis Companies.
Originally an electronics plant for the Ford Motor Co., 2750 Morris Road has 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 has dual substation power feeds, systems for delivery of chilled water and compressed air, and five Diesel generators to provide continuous power backup without interruption.
The temperature- and humidity-controlled environment makes the facility suitable 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 comprehensive capital improvement program that includes roofing, flooring and common area upgrades.
Christopher M. Bellapianta represented the JV partnership in the transaction. Bellapianta serves as director of finance and acquisitions for Advance Realty, a leading northeastern US owner and developer of commercial, multi-family, R&D, retail, mixed-use, and flex-space properties.
Managing director Greg Nalbandian of NorthMarq Capital 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.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
