Friday, July 24, 2015

KVK-Tech Acquires Newtown Property for $12.5M

KVK-TECH, Inc. has purchased the former Lockheed Martin facility at 100 Campus Dr. in Newtown, PA for $12.5 million, or about $27 per square foot, from LMC Properties, Inc.

The buyer is a developer, manufacturer, and marketer of FDA-approved pharmaceuticals and will occupy the entire facility following a short-term leaseback by Lockheed Martin through December 2015.

The 26.1-acre campus includes a three-story, 84,817-square-foot office property built in 1970 and a 375,697-square-foot flex R&D building constructed in 1997. There are plans in the works to expand the building in the beginning of 2016, when KVK-Tech will take occupancy.

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