Wednesday, June 15, 2016

LRS Acquiring 300K SF Industrial Site In Warminster, PA For $16M

by Steve Lubetkin,
LRS is acquiring 955 Mearns Road in Warminster, PA, a 303,000 square-foot facility with flexible space including office, warehouse, and light fabrication users, from MIM-Hayden Mearns for just over $16 million.

At the time of closing, the building was 96.5% occupied and featured a varied tenant mix and attractive lease terms.

“955 Mearns was a great cash flow producer for MIM‐Hayden. In the past few years, every time a tenant left the building they had a new tenant in place within months. It is a testament to the newfound strength in the American manufacturing sector, and how tight the industrial market is in Bucks County right now.”

“Considering the limited product available, 955 Mearns represented an excellent opportunity for my client to acquire a quality asset with a stabilized and diverse tenant base,” he says. “We are quite pleased with the purchase.”

The building is anchored by several International tenants, including SP Industries and ChemPump, who collectively occupy over 50 percent of the property.

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