LOGAN TWP., NJ-The Philadelphia-based Corvest Realty Group has bought two 100%-leased industrial properties from Liberty Property Trust. Food preparer Missa Bay is the sole tenant for both.
Joe Hill of the Flynn Co. was the sole broker. The official selling entity, Liberty Venture 1, made the deal with Corvest, which has Michael K. Corenzwit and Asher G. Hyman as general principals along with an unnamed joint venture partner.
"This acquisition provides us with the opportunity to buy extremely well-located, strong and stable income-producing properties with significant upside potential by way of future appreciation," says Corenzwit, who is also president and CEO of Corvest. "Both buildings have been extremely well-maintained and are institutional-quality warehouses in terms of their construction, ceiling height, column spacing, dock doors and loading facilities."
The two buildings, on 11.63 acres, are in the Pureland Industrial Complex at 2339 Center Square Rd. The 80,300-sf building on 6.03 acres, was built in 1995 and expanded in 1997. 3 Mallard Court, a 62,967-sf building on 5.6 acres, was built in 1989 and expanded in 1996.
"The properties have been extensively fitted out with several millions of dollars' worth of refrigeration, freezing and food preparation facilities, which significantly enhances the value of the properties," Corenzwit says. Corvest Realty Management, an entity of Corvest Realty Group, will manage the properties.
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