JV Buys High-Tech Manufacturing Facility in PA

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."

For more news and information visit Blumberg Capital Partners.

KBS Picks Up 1000 Continental for $63M

KBS Realty Advisors of Newport Beach, CA announced this week that it had purchased 1000 Continental in the King of Prussia submarket of Philadelphia for $63 million. KBS bought the 205,424-square-foot building from Equus Capital Partners Ltd. of Philadelphia. Jim Vesey, Doug Rodio, Jim Galbally, and John Plower of Jones Lang LaSalle represented the seller in the transaction, while KBS handled the sale in-house.

"1000 Continental's amenity base and location possess a number of urbanization trend qualities that we look for in office investments," said Shannon Hill, KBS senior vice president. "The asset's status as a LEED Silver-certified building also makes it the most efficiently run building in its competitive set."

At the time of the sale, the building was 99% occupied, with major tenants including Northwestern Mutual, Farmers Insurance, Nationwide Life Insurance, and The Hartford Financial Services Group. The seller, through its BPG Development Company LP, developed the asset on-spec, according to a CoStar report. "The sale of 1000 Continental represents the culmination of a successful development project that was delivered during one of the worst economic recessions in our history and highlights the value of delivering a top tier asset designed to meet today's demanding tenant requirements," commented Stephen Spaeder, senior vice president of Equus.

For more news and information visit Blumberg Capital Partners.