Corvest Realty and Balashine Properties JV for Warminster Purchase

Corvest Realty and Balashine Properties of Blue Bell, PA, formed a joint venture, to acquire County Line Commerce Center, a 427,421 square foot property in Warminster, PA, for $11.2 million.   Ackman Ziff arranged financing for the acquisition and for future capital and tenant improvements. Corvest and Balashine created the purchasing entity, CLCC Balacor, along with Millbrook Properties of Chicago, IL.
The new owners plan to spend $12 million for property upgrades including, among other things, a new amenity center, common area renovations, tenant improvements and exterior modifications. The 427,421-square-foot property is currently 36% occupied and 277,681 square feet of office space is available for lease. The property was formerly the headquarters of Fisher and Porter which was purchased by ABB several years ago. ABB still occupies a portion of the property. Preferred Properties bought the property in a sale-leaseback transaction with ABB in 2003 and made major upgrades to the property.
www.omegare.com