LANSDALE, PA—Ajoint-venture partnership of Advance Realtyand The DavisCompanies hasacquired 2750 Morris Road, a 675,000-square-foot high-tech assembly andwarehouse facility located in Lansdale, Montgomery County,PA.

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Located near the northeast extension of the PennsylvaniaTurnpike, 2750 Morris Road has convenient accessto key arteries, including Routes 202, 309 and 63, and has directfrontage as well as visibility from the PennsylvaniaTurnpike.

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2750 Morris Road offers significant in-placeinfrastructure at below replacement cost rents,” says PeterCocoziello, president and CEO of AdvanceRealty. “Both Advance Realty andThe Davis Companies have deep experience addingvalue to properties so they can realize their significantunderlying potential, and we look forward to seeing this assetfully-leased to companies looking to take advantage of theproperty's inherent value.”

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“In addition to a central location inMontgomery County, which boasts one of the state's most robusteconomic corridors, 2750 Morris Road represents anideal venue for companies that are looking for highly improvedindustrial space at competitive rents to accommodate theirgrowth,” says Richard McCready, president ofThe Davis Companies.

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Originally an electronics plant for the Ford MotorCo., 2750 Morris Road has approximately570,000 square feet of climate-controlled technology, assembly,warehouse, and production space and 105,000 square feet oftwo-story office space.

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The property has dual substation power feeds, systems fordelivery of chilled water and compressed air, and five Dieselgenerators to provide continuous power backup withoutinterruption.

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The temperature- and humidity-controlled environment makes thefacility suitable for companies seeking versatile, high-qualitywarehouse, manufacturing, or assembly space.

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The property currently has 350,156 square feet ofwarehouse/manufacturing space and 70,442 square feet of officespace available for lease. Campus tenants includeVygon Corporation, MetsoCorporation and Fox Bindery.

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The new ownership will reposition and re-tenant the propertywith a comprehensive capital improvement program that includesroofing, flooring and common area upgrades.

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Christopher M. Bellapianta represented the JVpartnership in the transaction. Bellapianta servesas director of finance and acquisitions for AdvanceRealty, a leading northeastern US owner and developer ofcommercial, multi-family, R&D, retail, mixed-use, andflex-space properties.

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Managing director Greg Nalbandian ofNorthMarq Capital arranged debt financing throughWells Fargo for this acquisition.

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The JV partnership has retained CBRE as theexclusive leasing agent for the property and will be represented byPaul Touhey, senior vice president, BrianL. Smyth, vice president and Drew Green,associate.

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Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].