Precision Realty Group represented a group of private investors in the acquisition of over 80,000 feet of industrial warehouse. The property consists of 32 tenants and is located in the West Chester Bureau.
Precision Realty Group’s Shaun Lyons and Tommy Ciccarone, along with Andrew Turner of Pillar Real Estate were vital in pulling together this off market investment transaction.
Drury Development Co. had owned the property for 31 years.
Mr. Lyons stated, “This property is well located with future development opportunities. The buildings have great tenants with historic cash flow and below market rents”.
Seller is in the process of developing one side of the property into 58 town homes.
New ownership plans to keep the property in it’s current condition, however enhance the common area and support current and future businesses. Mr. Ciccarone states, “New ownership’s goal is to keep current businesses and attract new business in this vibrant complex. There are 30+ plus businesses that call this property home including: ABC Paper, Penn Office Products, Pelotin Brew, Concentric, Murphy Remodeling, Diplomat Closet, Davis Race Engines, Mizuna Catering, and more! ”