Monday, September 23, 2019

Sandkris Properties Buys 250,000 SF Industrial Building for $32M

by John Jordan
Sandkris Properties, Inc. of Haverford, PA has purchased the 249,405-square-foot industrial building at 2621 Van Buren Ave. for $32 million.

 The seller was Bailard Inc’s Real Estate Fund & Elm Street Real Estate Investors, LLC.
The property consists of Class A, multi-use space and boasts such amenities as multiple outdoor seating and collaboration areas, grab and go food service, an Internet café and a new multi-purpose meeting room with the latest AV capabilities.

Over the past several years, the previous ownership invested significant capital and executed an extensive improvement plan to upgrade the property to a best-in-class facility. In addition to the new amenities, capital improvements also included new common areas, lobbies, restrooms, HVAC units, windows and a partial roof replacement. On the exterior, a new façade, irrigation system and landscaping were installed and improvements to the parking lots were completed, Beach notes.
The Van Buren property is located off the Route 422 corridor in Montgomery County and is in proximity to primary roadways, such as the Pennsylvania Turnpike, Interchange 76 and Route 202.

“With its extensive renovations, attractive amenities and close proximity to the rapidly expanding King of Prussia market, the Van Buren property represented an excellent opportunity to acquire a quality Industrial asset with a diverse tenant base, stable cash flow and promising future prospects. Given the highly competitive market for Industrial acquisitions and the limited product available, we are quite pleased with the purchase."

The building is currently 93% occupied. Its tenant base includes Comcast, PJM, Paychex, CertaPro, Megger, Merkle and Monitorying Analytics.
The remaining available space in the building is limited to two corner office suites consisting of approximately 11,400 square feet and 6,700 square feet.

Sandkris Properties is also in the midst of a significant industrial build-to-suit development in the Warminster area. Fully approved, the project calls for a 249,600-square-foot state-of-the-art building.

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