Ownership Repositioned 675,000-SF Warehouse/Distribution and Manufacturing Asset in Lansdale, PA to Meet Market Demand
LANSDALE, P.A., April 30, 2018 – Advance Realty and The Davis Companies have named Cushman & Wakefield as exclusive leasing agent for 2750 Morris Road in Lansdale. Heading the assignment for the commercial real estate firm are Jonas Skovdal, based in Philadelphia, and Jeffrey Williams in the Conshohocken office.
Ownership has repositioned the building to meet current demand for Class A warehouse/distribution space in the booming Southeastern Pennsylvania industrial market. By proactively developing plans to install 23 additional loading docks and construct a new 155-foot truck court, Advance Realty and The Davis Companies have positioned the building as a Last Mile distribution center on par with new facilities under construction along the Route 309/I-476 corridors in Quakertown and Perkasie. Located just four miles from Exit 31 off of I-476, 2750 Morris Road offers distribution users exceptional access to major transportation networks including Routes 202, 309 and 63. According to Cushman & Wakefield’s first quarter industrial report, the market has an overall vacancy rate of 3.5 percent with total inventory of 57,782,528 square feet.
“The ever-evolving world of e-commerce has greatly benefited the Southeastern Pennsylvania industrial market,” said Skovdal. “Over the past 12 to 18 months, there has been a significant increase in tenant demand for well-located, infill warehouse/ distribution and manufacturing space to better service the Philadelphia population.”
“Over the past three years we have invested over $5 million in capital improvements including new building systems, a new roof, common area improvements such as an on-site grab-n-go café and conference center, as well as lighting, parking and circulation upgrades,” said Mark Bush, The Davis Companies’ Senior Vice President. “This latest round of investments demonstrates ownership’s continued commitment to bringing corporate tenants and jobs to the Lansdale area.”
The building currently has 85,444 square feet of available office space and 292,668 square feet of available warehouse/manufacturing space, which is divisible to 152,820 square feet, 139,848 square feet and 37,226 square feet. The warehouse is temperature and humidity controlled with heavy power and abundant employee parking.
Cushman & Wakefield’s Williams noted, “We are confident that tenants currently looking for bulk warehouse/distribution space in the market will react favorably to the building’s enhanced functionality.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Advance Realty
Among real estate’s most reputable and successful companies, Advance Realty has established itself as one of the industry’s most innovative and forward-thinking firms. Since 1979, Advance has continuously evolved to meet changing market demands by leveraging the creativity and collective knowledge of its team of world-class professionals, while remaining true to its commitment to responsible development. Headquartered in Bridgewater, New Jersey, Advance employs a multifaceted strategy, actively pursuing real estate investments in commercial, residential, industrial, retail and mixed-use projects that present an opportunity to enhance value through development, repositioning and redevelopment. The company currently owns, manages or has invested in a diverse, 15-million-square-foot portfolio of properties across all asset classes throughout the Northeast Corridor.
About The Davis Companies
The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt and fixed-income securities. A combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet of office, multifamily, retail, hospitality, light industrial, healthcare and bioscience properties across the Eastern United States. For further information, please visit www.thedaviscompanies.com.