Bridgewater-based Advance Realty said Wednesday it has acquired a 675,000-square-foot high-tech assembly and warehouse facility in Pennsylvania as part of a joint venture with The Davis Companies.
The site, at 2750 Morris Road in Lansdale, was originally an electronics plant for the Ford Motor Co., Advance said in a news release. Now it has approximately 570,000 square feet of warehouse and production space, as well as 105,000 square feet of office space. Of that, 350,156 square feet of warehouse and manufacturing space and 70,442 square feet of office space are available for lease, Advance said.
“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,” Peter Cocoziello, CEO and president of Advance Realty, said in the release.
Christopher M. Bellapianta, Advance Realty’s director of finance and acquisitions, represented the joint venture in the transaction. Greg Nalbandian, managing director of NorthMarq Capital, LLC, arranged the debt financing through Wells Fargo.
CBRE has been retained as the exclusive leasing agent for the property, led by the team of Paul Touhey, senior vice president, Brian L. Smith, vice president, and Drew Green, associate.
ALSO ON NJBIZ: