Partnership Acquires Three Industrial Buildings And Adjoining Development Site In Greater Philadelphia Area As Part Of Transaction, One Industrial Tenant Then Buys Its Own Building

10-23-2024 - News

Utilizing an industrial condominium ownership strategy, a partnership between BenchmarkReal Estate and Regal Ventures has acquired Crownwood Industrial Estates, an industrial complex comprised of three industrial buildings as well as an industrial development site.

Crownwood Industrial Estates, an industrial complex in Bristol, PA, was acquired by a partnership between Benchmark Real Estate and Regal Ventures. As part of the transaction, the site’s largest industrial tenant, Penn Steel Fabrication, purchased one of the complex’s buildings.

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NEW YORK and LANCASTER, Pa., Oct. 23, 2024 /PRNewswire/

The two firms comprising the partnership are Regal Ventures, a New York-based real estate investment management company, and Benchmark Real Estate, LLC, a vertically integrated, real estate development company based in Lancaster, PA.

The partnership’s plans for the development site presents opportunities for potential tenants, owner-users, and developers. The partnership has expressed interest in pre-leasing the site to tenants in the market for upwards of 50,000 square feet, building to suit for an eventual owner-user so their exact build specifications can be met, or selling the site to a developer. Benchmark Real Estate’s affiliate, Benchmark Construction Company, Inc., is prepared to deliver the site in late 2025 under several of the potential scenarios.