Wilton, CT – Burton Real Estate (BRE), an industrial real estate company headquartered in Wilton, CT in a partnership with VanRock Properties, a real estate company headquartered in Glen Rock, NJ has acquired 500 State Road in Bensalem, PA for $4.7 million. The approximately 85,000sf fully-leased industrial asset represents the third off-market transaction completed by BRE in 2018 in the Mid-Atlantic Region.
”The Mid-Atlantic region has been good to us in 2018. We have been able to source multiple off-market, value-add industrial assets, which we consider to be our sweet spot. The tenant demand continues to be robust, and the quality of assets, albeit limited, is very consistent,” said Joe Burton, President of BRE. “Overall 2018 was a great year from an acquisition standpoint, but more importantly we were able to create new value across nearly the entire breadth of our portfolio.”
Bucks County is located in the center of the Northeast Corridor, with Philadelphia serving as it’s closest major market served. New York City is only 75 miles; Baltimore, 120 miles; Washington DC, 158 miles; and Boston, 288 miles. Almost one-third of the nation’s population resides within a one-day drive of Bucks County. “This is a great region for us. We plan on this being one of our growth-focus areas well into 2019 and beyond”, added Mr. Burton.
This acquisition adds another well-positioned industrial asset to the rapidly expanding BRE portfolio where they focus on maintaining and creating value in their properties. BRE achieves this through rigorous physical inspections, maintaining strong owner/tenant partnerships, developing careful financial budgeting, lease administration, expense control and overseeing a balanced risk management plan.
About Burton Real Estate
Burton Real Estate is a privately held real estate investment firm specializing in the acquisition, management, and potential redevelopment of both performing and underperforming properties in the United States.
About VanRock Properties
VanRock Properties is privately held real estate firm providing unparalleled, hands-on real estate services to maximize the value and return for their projects. At VanRock, they believe that successful real estate transactions are founded on trust, transparency and honesty.