Monday, March 31, 2014

Patriot Equities bulks up on industrial space

by Natalie Kostelnie, Staff Writer for the Philadelphia Business Journal
Patriot Equities has purchased a vacant industrial building in the I-83 Corridor.
The 240,000-square-foot property at 2919 Old Tree Drive in the Old Sycamore Industrial Park in Lancaster, Pa., was sold by Avir Realty Group
Patriot, based in Wayne, Pa., plans to make several improvements to the building with the intention of trying to lease it back up. Total project cost, including the upgrades, stands at about $7.5 million.
The building was constructed in 1985 for Dana Corp. Under the name Lancaster Preferred Partners, Dana used the facility to manufacture axles for Mack Truck. In September 2012, the company closed the factory and it has remained vacant ever since.
“It’s a good fundamental property,” said Geof Gardner, chief investment officer for Patriot. “The York market is doing really well.”
The property sits off Route 30 just west of Lancaster and it is close to I-83. In addition, the market is tight with few big blocks of space available.
Patriot already owns 1.5 million square feet of space in the York, Pa., industrial market.

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