FOR IMMEDIATE RELEASE
Warminster, PA ‐‐ Procision Commercial Realty, an affiliate of Procision Business Brokers, represented LRS Corp in the acquisition of 955 Mearns Road in Warminster, PA. This 303,000 SF facility features flexible space including office, warehouse, and light fabrication users. At the time of closing, the building was 96.5% occupied and featured a varied tenant mix and attractive lease terms. The transaction was completed at just over $16 Million.
The seller, MIM-Hayden Mearns LP, was represented by Dan Mayock and Adam Gillespie of SSH Real Estate. “955 Mearns was a great cash flow producer for MIM‐Hayden,” said Mayock. “In the past few years, every time a tenant left the building they had a new tenant in place within months. It is a testament to the newfound strength in the American manufacturing sector, and how tight the industrial market is in Bucks County right now.”
Robert Beach, President of Procision Commercial Realty handled the negotiations on behalf of the buyer and helped them emerge from the competitive field of potential suitors. With a roster of quality tenants, the building is anchored by several International tenants, including SP Industries and ChemPump, who collectively occupy over 50% of the property. “Considering the limited product available, 955 Mearns represented an excellent opportunity for my client to acquire a quality asset with a stabilized and diverse tenant base. We are quite pleased with the purchase,” said Beach.
About Procision Commercial Realty
Founded as a Business and Commercial Real Estate Brokerage, Procision Commercial Realty offers one-stop, synergistic services for Business Owners, Investors, Landlords and Tenants alike. Through their Comprehensive Suite of Real Estate Services and Transaction Solutions, Procision Commercial Realty serves the needs of the Greater Philadelphia and South Jersey Region. For additional information, please visit the company’s website at www.Procisionbb.com or contact Robert Beach at 856-228-5151.