S hopping C enters P ennsylvania featuring N ortheastern PA

M id A tlantic Real Estate Journal — Pennsylvania — December 18 - January 14, 2020 — 17B


Jensen of IPG Commercial Real Estate & Borski Jr. of the Flynn Company rep. the buyer Procision Commercial Realty sells fully-approved industrial site in Warminster


ceiling height, single-sided loading, LED lighting, ESFR sprinkler system, up to 60 loading docks and parking for 194 vehicles. Upon completion of con- struction, the building will be occupied by the Mygrant Glass Company, a 3rd generation, family-owned business head- quartered in Hayward, Cali- fornia. Mygrant Glass is the largest independent wholesale distributor of auto glass in the United States. “Industrial Development opportunities of this size are extremely hard to come by and competition for this type of asset has been fierce. This is a result of the exploding demand for indus- trial real estate and a corre- sponding lack of supply in the market. We are quite pleased with the successful execution of our marketing and invest- ment strategy and wish the very best for Mygrant Glass at their future Ivyland Road location” said Beach. MAREJ

ARMINSTER, PA — On behalf of Ivy- land 40 Love, LLC,

an affiliate of Sandkris Prop- erties, Inc., Procision Com- mercial Realty announced the recent sale of 350 Ivyland Rd. in Warminster. Robert Beach , president of Procision, represented Sandkris Proper- ties in the $6.7million transac- tion. The buyer, The Mygrant Living Trust, was represented by Jeremy Jensen of IPG Commercial Real Estate and Mike Borski Jr. of the Flynn Company. The 20 acre parcel was pur- chased by an affiliate of Sand- kris in May, 2019 with the intention to develop as an Industrial Build-to-Suit op- portunity. Located in highly desirable Bucks County, the site is located just off Street Rd in the Ivyland Industrial Park. With its close proximity to the city of Philadelphia and the dense surrounding area, 350 Ivyland Rd. represents an

the entitlement process and Sandkris secured approvals for a new 249,700 s/f industrial 350 Ivyland Rd.

ideal in-fill location. In collaboration with own- ership, Beach spearheaded

development. Prior to the sale, plans for the state-of-the-art class A building included 36’

Torsiello &Pennington of Binswanger announce expansion of Utopia Fulfillment’s lease of 103,275 s/f at the Pennsauken Logistics Center

“We are thrilled to expand our relationship with Utopia at the Pennsauken Logistics

PHILADELPHIA, PA — Binswanger Commercial Real Estate Services an-

Pennsauken Industrial Park mere minutes from the Betsy Ross Bridge, I-95, and Tacony Palmyra Bridge. The indus- trial park is also close to Rtes. 73, 130, I-295, and the NJ Tpke. The New Jersey Transit “River Line” light rail station is one-quarter mile from site. There is also regular bus service from Philadelphia to various points on River Rd. A full renovation from Ve- locity Ventures was recently completed with improvements that include white boxed in- terior, roof replacement, new LED lighting, repaving the parking lot, exterior painting and loading dock upgrades. Building features include ceil- ing height ranging from 20'- 35' clear; a 100%wet sprinkler system; 28 tailgate loading docks with four drive-in doors; 3+ acres of dedicated trailer/ vehicle storage (approximate- ly 200-250 trailer spaces). The property is zoned HI (Heavy Industrial District). MAREJ

Center, and are excited to now have a ful ly de- mised facility that is able to accommo- dat e users o f var y i ng sizes and use cases , ” per

nounced that it has suc- cessfully ex- panded Uto- pia Fulfill- ment’s lease t o i nc l ude an addition- al 103,275 s / f i n t he Pennsauken

Mike Torsiello

Chris Pennington

Tony Grelli, Velocity’s found- ing partner. The facility has roughly 103,000 additional square feet available for lease across four distinct sections –one section with 55,000 s/f, another with 40,000 s/f, a third with 6,000 s/f and a fourth section with 2,000 s/f. Representing both the initial sale of the property to Velocity Ventures and the landlord representation are brokers Mike Torsiello , vice president and Chris Pennington , senior vice

Logistics Center – a property that Utopia began occupying just two months prior. The company had initially secured 120,000 s/f after the property was made available by Veloc- ity Ventures following their purchase and subsequent ren- ovation of the complex. The lease restructuring brings the e-commerce tenant’s occupan- cy of the building to 223,275 s/f. Utopia Fulfillment utilizes the space for warehousing and e-commerce fulfillment of its home goods product lines.

Pennsauken Logistics Center

president and partner –both in Binswanger’s Philadelphia office. “The fact that Utopia Ful- fillment was interested in more space signals that their initial move to this property was a great fit,” said Torsiello.

“The recent improvements made by Velocity Ventures made this a desirable facility, which clearly contributed to Utopia’s desire to grow long- term roots here and expand their operation.” The property is strategically located in the

Made with FlippingBook flipbook maker