Real Estate Journal — Pennsylvania — September 13 - 26, 2019 — 5C
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M id A tlantic
P ennsylvania $32 million acquisition of the industrial, multi-use property
Beach of Procision Commercial Realty reps. Sandkris Props. in sale of 2621 Van Buren Ave., Audubon
UDUBON PA — On behalf of Sandkris Properties, Inc. and its owner, Robert Feinberg, Procision Commercial Re- alty announced the recent sale of 2621 Van Buren Ave. in Park Pointe at Lower Provi- dence Corporate Center. Robert Beach , president of Procision, represented Sand- kris Properties in the $32 million acquisition of the In- dustrial, Multi-use Property and will be handling all leas- ing activity in the future. The seller, Bailard Inc’s Real Estate Fund & Elm Street Real Estate Investors, LLC, was represented by Brett Segal and Doug Rodio of HFF LP . “ With its extensive renovations, attractive ame- nities and close proximity to the rapidly expanding King of Prussia market, the Van Buren property represented an excellent opportunity to acquire a quality Industrial as- set with a diverse tenant base, stable cash flow and promising future prospects. Given the highly competitive market for Industrial acquisitions and the limited product available, we are quite pleased with the pur- chase,” said Procision’s Beach. The property consists of 249,405 s/f of class A, multi-use space and boasts exceptional amenities including multiple outdoor seating and collabo- ration areas, grab and go food service, internet café and a new multi-purpose meeting room with the latest AV capa- bilities . Over the past several years, the previous ownership injected significant capital and executed an extensive improvement plan to upgrade the property to a best-in-class facility. In addition to the new amenities referenced above, capital improvements also in- cluded new common areas, lob- bies, restrooms, HVAC units, windows and a partial roof replacement. On the exterior, a new façade, irrigation system and landscaping were installed and improvements to the park- ing lots were completed. The Van Buren property is ideally situated just off the Route 422 corridor in Mont- gomery County and is in close proximity to primary roadways such as the Pennsylvania Turnpike, Interchange 76 and Route 202. Located within a few moments of King of Prus- sia, the site offers unparalleled access to one of the fastest A
for a stable cash flow and is made up of high quality com- panies including Comcast, PJM, Paychex, CertaPro, Megger, Merkle andMonitory- ing Analytics. The remaining available space in the building is limited to two impressive corner office suites consisting of +/- 11,400 SF and 6,700 SF. “Considering the limited vacancy and excellent leasing momentum, we are thrilled to collaborate on the project and anticipate additional leasing in the near future”, said Beach. Sandkris Properties is also
in the midst of a significant Industrial build-to-suit de- velopment in the Warminster area. Fully approved, the project calls for a 249,600 sf state-of-the-art Industrial Building with 32’ to 36’ ceiling height, up to 60 loading docks, LED lighting and access to the Pennsylvania Tpke., I-95 and various east/west cor- ridors throughout the region. Per Beach, “What an exciting opportunity! New Industrial buildings of this nature are quite scarce and there is noth- ing similar available in the middle Bucks market.”
2621 Van Buren Ave.
growing markets in Pennsyl- vania and the robust live, work and play environment that it affords. Benefiting from the allure
of its best-in-class amenities, recent renovations and favor- able location, the building is currently 93% occupied. Its diverse tenant base provides
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