A joint venture between Advance Realty and The Davis Companies announced this week that it had purchased a 675,000 square foot high-tech assembly and warehouse facility in Lansdale, Pennsylvania. Equus Capital Partners sold the property, which includes 570,000 square feet of climate-controlled tech assembly space and 105,000 square feet of office space, after purchasing it in 2005 for $22.8 million from Visteon Systems, which constructed the facility in 1990 as an electronics plant for the Ford Motor Co. Terms of the deal were not disclosed.
Located near the northeast extension of the Pennsylvania Turnpike, 2750 Morris Road has convenient access to key arteries, including Routes 202, 309 and 63, and has direct frontage as well as visibility from the Pennsylvania Turnpike, according to a GlobeSt.com report. "2750 Morris Road offers significant in-place infrastructure at below replacement cost rents, which affords an environment that is not only unique in this marketplace, but competitively priced," said Peter Cocoziello, President and CEO of Advance Realty. "Both Advance Realty and The Davis Companies have deep experience adding value to properties so they can realize their significant underlying potential, and we look forward to seeing this asset fully-leased to companies looking to take advantage of the property’s inherent value."
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