WARMINSTER, PA—LRS is acquiring 955 Mearns Road in Warminster, PA, a 303,000 square-foot facility with flexible space including office, warehouse, and light fabrication users, from MIM-Hayden Mearns for just over $16 million.
Procision Commercial Realty, an affiliate of Procision Business Brokers, represented LRS in the acquisition. At the time of closing, the building was 96.5% occupied and featured a varied tenant mix and attractive lease terms.
Dan Mayock and Adam Gillespie of SSH Real Estate represented the seller.
“955 Mearns was a great cash flow producer for MIM‐Hayden,” says Mayock. “In the past few years, every time a tenant left the building they had a new tenant in place within months. It is a testament to the newfound strength in the American manufacturing sector, and how tight the industrial market is in Bucks County right now.”
Robert Beach, president of Procision Commercial Realty, handled the negotiations on behalf of the buyer and helped them emerge from the competitive field of potential suitors. “Considering the limited product available, 955 Mearns represented an excellent opportunity for my client to acquire a quality asset with a stabilized and diverse tenant base,” he says. “We are quite pleased with the purchase.”
The building is anchored by several International tenants, including SP Industries and ChemPump, who collectively occupy over 50 percent of the property.
WARMINSTER, PA—LRS is acquiring 955 Mearns Road in Warminster, PA, a 303,000 square-foot facility with flexible space including office, warehouse, and light fabrication users, from MIM-Hayden Mearns for just over $16 million.
Procision Commercial Realty, an affiliate of Procision Business Brokers, represented LRS in the acquisition. At the time of closing, the building was 96.5% occupied and featured a varied tenant mix and attractive lease terms.
Dan Mayock and Adam Gillespie of SSH Real Estate represented the seller.
“955 Mearns was a great cash flow producer for MIM‐Hayden,” says Mayock. “In the past few years, every time a tenant left the building they had a new tenant in place within months. It is a testament to the newfound strength in the American manufacturing sector, and how tight the industrial market is in Bucks County right now.”
Robert Beach, president of Procision Commercial Realty, handled the negotiations on behalf of the buyer and helped them emerge from the competitive field of potential suitors. “Considering the limited product available, 955 Mearns represented an excellent opportunity for my client to acquire a quality asset with a stabilized and diverse tenant base,” he says. “We are quite pleased with the purchase.”
The building is anchored by several International tenants, including SP Industries and ChemPump, who collectively occupy over 50 percent of the property.
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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].
