Joint venture applies successful improvement strategy to create superior manufacturing warehouse and office facility on the Pennsylvania Turnpike
PHILADELPHIA, PENNSYLVANIA – March 24, 2016 – A partnership comprised of The Davis Companies (TDC) and Advance Realty (Advance) announced today that it has completed an extensive capital improvement plan at 2750 Morris Road, a 675,000-square-foot property in Lansdale, PA. Located just nine miles northwest of Philadelphia, the property offers 375,756-square-feet of premier, climate-controlled technology, warehouse, assembly and production space, and 70,442-square-feet of office space.
Over an 18 month period after purchasing the property in August 2014, TDC and Advance Realty developed and executed a transformative capital improvement plan at the property which included: new building systems, a new roof and upgrades to common areas, new lighting, landscaping, parking, circulation and exterior wayfinding signage throughout the entire complex.
Advance Director of Asset Management Barry Quiner said, “With an ideal infrastructure already in place for world-class manufacturing and assembly, the capital improvement plan focused on ensuring an optimal work environment for tenants’ employees. We have high-quality tenants whose satisfaction requires not only a facility that is highly functional, but also an overall environment of comfort and safety, which we are committed to delivering.”
The Davis Companies’ Senior Vice President of Asset Management Mark Bush added, “With the completion of these upgrades and improvements, we have brought this property to its highest potential. With the improvements in infrastructure, we can now provide our tenants with an efficient, state-of-the-art facility that is clearly a step ahead of our neighbors and competitors.”
2750 Morris Road sits on 84 beautifully landscaped acres and offers prime access and signage opportunities off the Pennsylvania Turnpike at Exit 31, and Routes 202, 309 and 63. Conveniently located between King of Prussia, Plymouth Meeting, Center City, Philadelphia International Airport, and the Lehigh Valley, the property is close to a variety of shops, services, and dining options.
Originally an electronics plant for Ford Motor Co., 2750 Morris Road boasts significant infrastructure, including dual substation power feeds, chilled water and compressed air delivery systems and five diesel generators. The building’s temperature and humidity controlled environment makes it particularly well-suited for companies seeking versatile, high-quality warehouse, manufacturing, or assembly space.
About The Davis Companies
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested nearly $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States.
About Advance Realty
Advance Realty is a privately owned real estate development, investment and management company headquartered in Bridgewater, N.J. Since its inception in 1979, Advance Realty has acquired or developed more than 10 million square feet of commercial, residential, R&D, industrial and mixed-use projects. Today, the company owns, manages and invests in a diversified portfolio of office, retail, industrial, residential and mixed-use assets in key urban and suburban markets along the Northeast Corridor. The company actively pursues real estate investments that provide opportunity to enhance value through development, repositioning and redevelopment. Advance’s strong capital base, fully integrated platform, outstanding talent and flexibility as a privately held organization position the company for continued growth. For more information, visit www.advancere.com.
Contact: Lauren Michaels