Precision Realty Group – a full-service, commercial real estate firm based in Philadelphia – represented a group of private investors in the acquisition of more than 80,000 square feet of industrial warehouse.
The property consists of 32 tenants and is located in the borough of West Chester. It is bounded by South Adams and South Worthington streets, as well as East Barnard and Union streets.
PRG President Shaun Lyons and Vice President Tommy Ciccarone – along with Andrew Turner of West Chester-based Pillar Real Estate – were vital in pulling together this off-market investment transaction.
Drury Development Co. had owned the property for 31 years.
“This property is well located and is a great parcel with future development opportunities,” said Lyons. “The buildings have great tenants with historic cash flow and below-market rents.”
New ownership plans to keep the property in its current condition, while enhancing the common area to support current and future businesses.
“New ownership’s goal is to keep current businesses and attract new businesses in this vibrant complex,” said Ciccarone. “There are 30-plus businesses that call this property home, including ABC Paper & Chemical, Penn Office Products, Peloton Cold Brew Coffee, Concentric Machining & Grinding, Murphy Remodeling, Diplomat Closet Design, Davis Race Engines, Mizuna Catering, and more.”