M id A tlantic Real Estate Journal — New Jersey — April 23 - May 20, 2021 — 15B
www.marej.com
N ew J ersey
Robert Beach and Richard Shore broker impressive deal during heart of pandemic Procision Commercial Realty sells 100,000 s/f warehouse in Bristol, PA for $7.625M to Carson Cos.
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tor, spearheaded the acquisi- tion on behalf of the Carson Companies. As stated by Rich Shore of Procision, “Carson was an excellent partner in the transaction and with their extensive experience in repo- sitioning of Industrial Real Estate, we anticipate that they will maximize the future potential of the property. We wish them great success.” Founded as a business and commercial real estate broker- age, Procision Commercial Realty offers one-stop, syn- ergistic services for business owners, investors, landlords and tenants alike. MAREJ
RISTOL, PA — Pr- ocision Commercial Realty , an affiliate
of Procision B u s i n e s s B r o k e r s , announc ed the sale of 2558 Pearl Buck Rd. in Bristol. Pr- ocision’s elite broker team
Robert Beach
of Robert Beach and Rich - ard Shore represented the seller, Snowball Real Estate L.P. in the $7.625 million deal. Located in the Keystone In- dustrial Park, the Pearl Buck property offers excellent ac- cess to I-95 and is situated in close proximity to the region’s extensive highway network. With its prime Bucks County locale, occupants greatly ben- efit from the availability of a well-educated and skilled workforce and numerous shop- ping and food options nearby. Vacancy rates are some of the lowest in the Greater Philadel- phia Region and rental rates continue to rise in this tight Industrial Market. As the former Corporate HQ of Action-Pak Inc., 2558 Pearl Buck offered a unique combination of features that made the site desirable for both for manufacturing and distribution use. Security was enhanced with a gated truck court, motion detectors and a 64 camera system that monitored the interior and exterior of the property. Ad- ditional upgrades included conditioned warehouse space, compressed airlines and heavy electrical power augmented by expanded bus bar distribution throughout the warehouse. Ultimately, the transaction was a case study in the sell- ing of a quality asset during an unprecedented and life changing pandemic. In order to maximize value and selling price, Procision strategically positioned the property and ideally timed the eventual suc- cessful sale. Marketing of the property began in February of 2020 and with great momen- tum, there was a meeting of the minds with a prospective buyer in less than 30 days. Then Covid struck and every- thing changed rapidly. “On Friday, we had a deal in prin- ciple and by Tuesday of the following week, it was gone. With the onset of shutdowns in March and the resulting
2558 Pearl Buck Rd.
limitations on inspections, it became clear that this was not an environment that was conducive for a market setting type of transaction, so we de-
After an extensive market- ing program, Carson Com - panies emerged as buyer of choice for the property. Chris Hermance , managing direc-
cided to suspend the sales pro- cess. Marketing efforts were reinitiated later in the year as business activity began to reemerge” said Beach.
FOR LEASE 2621 VAN BUREN AVE, AUDUBON, PA
Office – Flex – Warehouse – Lab FLEXIBLE OPTIONS - UP TO 130,000 SF OF CONTIGUOUS SPACE - Newly Renovated Common & Outdoor Collaboration Areas - Ceiling Heights – Range From 14’ To 28’ Clear - Internet Café, Grab & Go Food, Multi-purpose Meeting Room - Plethora Of Shopping, Dining And Recreational Options Nearby - Easy Access To The Region’s Extensive Highway Network
PROCISION COMMERICAL REALTY 900 Route 168, Unit H, Washington Township, NJ 08012 phone 856.228.5151 fax 856.228.5152
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