S hopping C enters
For a Verizon Wireless store in King of Prussia and Walgreens Pharmacy in Lansdowne CBRE arranges the sale of two high profile net lease properties for a total of $20.615m K www.marejournal.com M id A tlantic Real Estate Journal — Pennsylvania — Section C ING OF PRUSSIA, PA — CBRE Group, Inc . (CBRE) an -
million or $643 psf. ”At the time of the sale, the property in Lansdowne was the only new 20-year Walgreens Pharmacy avail- able within the Philadelphia MSA,” said Gorman. “Through our national marketing pro- cess we were able to attract the buyer from the greater Los Angeles, CA area,” added Shover. Matthew Gorman and Mi- chael Shover lead CBRE’s Net-Lease team along with Marc Mandel , a first vice president and Stephen Sch- renk , an associate. The team specializes in the marketing and sale of single and multi- tenant net-lease investment real estate. In their twelve- year history, the teamhas sold more than $1 billion in net lease properties nationwide. n larly well suited for companies seeking versatile, high-quality warehouse, manufacturing or assembly space. “Just weeks after announc- ing the completion of our prop- erty upgrades at 2750 Morris, it’s exciting to welcome Great Atlantic Graphics at an ideal time when they can take full advantage of the significant renovations we’ve made in partnership with Advance. We’ve applied our reposition- ing expertise to transform this former electronics plant into a dynamic office and ware- house,” added Mark Bush , a senior vice president of asset management at The Davis Companies . In addition to Great Atlan- tic Graphics, 2750 Morris is currently home to a roster of tenants that includes Valmet, Vygon USA, and Fox Bindery. Neighbors include Almac, Merck, Johnson & Johnson and Teva Pharmaceuticals. Paul Touhey , a senior vice president for CBRE , represent- ed ownership in the lease with Great Atlantic Graphics. Jason Dempsey , owner of Dempsey Development & Brokerage , represented the tenant. n
HI-LIGHTS AUGUST 12 - 25, 2016 nounced that the Net Lease investment sales team led by Matthew Gorman and Michael Shover , both senior vice presidents at CBRE, have arranged the sales of a Veri- zon Wireless store in King of Prussia, PA and Walgreens Pharmacy in Lansdowne for a combined price tag of $20.615 million. CBRE represented the seller (Pike 705, LLC) and the buyer, a locally based 1031 exchange investor, in the Veri- zon transaction and the seller Equity Retail Brokers moves to 531W. Germantown Pike, PlymouthMeeting
Verizon Wireless, King of Prussia, PA “The location of the Veri- zon store in King of Prussia is simply irreplaceable real estate which demands pric- ing at the highest end of the market,” said Gorman. “Our client was very pleased as we were able to execute and close
(Moreland Development, LLC) in the Walgreens sale. Built in 2015 the 6,000 s/f Verizon store, located at 715 W. Dekalb Pike directly across from the main entrance to the King of Prussia Mall, sold for $11.1 million or $1,850 psf.
the asset where other brokers had previously attempted and not succeeded,” added Shover. The 14,800 s/f Walgreens, a 2016 redevelopment of a his- torical bank branch located at 2 W. Baltimore Ave. in Lans- downe, PA, sold for $9.515
Great Atlantic Graphics to relocate to 68,000-s/f space at reinvented ind. facility in Lansdale, PA
LANSDALE, PA — The joint venture between Ad- vance Realty (Advance) and The Davis Companies (TDC) announced that Great Atlantic Graphics will relo- cate to 2750 Morris Rd. — a 650,000 s/f, reinvented in- dustrial facility in Lansdale. Located nine miles fromPhila- delphia, 2750 Morris Rd. sits on 84 beautifully landscaped acres and offers prime access and signage opportunities off the Northeast Extension of The Pennsylvania Turnpike at Exit 31, as well as routes 202, 309 and 63. Great Atlantic Graphics’ new 68,000 s/f lease follows a series of infrastructure up- grades at the property that include the addition of new building systems, a new roof and exterior wayfinding sig- nage, as well as improvements to common areas, landscaping, and parking. Relocating to the Lansdale facility from Malvern, PA, Great Atlantic Graphics will house both its manufacturing and office operations at 2750 Morris Rd., which features robust in-place infrastruc- ture that satisfies the critical
High Concrete Group plays key role in design of unique 4-story office building
2750 Morris Rd.
components of the company’s facilities requirements. “Great Atlantic Graphics’ space needs fit perfectly with our vision for 2750 Morris,” said Barry Quiner , Advance Realty’s director of asset man- agement. “Since acquiring the property in 2014, our part- nership has been focused on doing everything necessary to attract tenants like Great Atlantic. Specifically, our goal has been to build on the infra- structure that already existed at the site, ultimately elevat-
ing it to its current status as a premier facility for climate- controlled production and manufacturing.” Originally an electronics plant for Ford Motor Com- pany, 2750Morris Rd. features heavy power generation; state- of-the-art HVAC and humidity control systems; dual substa- tion power feeds; chilled-water and compressed-air delivery systems; and five diesel gener- ators. The building’s tempera- ture- and humidity-controlled environment makes it particu-
PREC...................................................1C CREW Philadelphia Chapter ..........15C CREW Lehigh Valley Chapter ....16-17C www.marejournal.com
Made with FlippingBook Annual report