Lee & Associates Wins Asset Management Contract for 600,000 Square Foot Portfolio North of Philadelphia
Portfolio consists of 12 industrial/flex buildings in Langhorne and Trevose
Mechanicsburg, PA (August 18, 2020) – The asset management division of Lee & Associates of Eastern Pennsylvania has been selected to provide full-service property management and asset services to a 12-building portfolio consisting of more than 600,000 square feet of industrial/flex space. Owned by The Arden Group, the collection of buildings is situated in Langhorne and Trevose, Pennsylvania, two sub-markets located northeast of the Philadelphia metropolitan region. Bruce Gordon, Principal; Michael Kelly, Principal and Jessica Lynch, Property Administrator will direct the asset management activities for this assignment.
Nine of the buildings are situated on Cabot Boulevard, Wheeler Court and Wheeler Way in Langhorne and three of the assets are located on Somerton Road and Metropolitan Drive in Trevose. Cumulatively, the single-story portfolio is approximately 80% occupied, with all leasing activities handled by Patrick Lafferty, Vice President, with Lee & Associates of Eastern Pennsylvania.
“Lee & Associates is extremely familiar with this portfolio based on our leasing oversight, and we plan to take a synergistic approach to the asset management activities by leveraging our strong relationships with the existing tenant base,” explained Bruce Gordon of Lee & Associates. “The portfolio’s physical plant is in excellent shape, but we believe our team can build additional value by implementing new policies and procedures that realize operational efficiencies.”
“We have a tremendous amount of confidence in the professionals at Lee & Associates to elevate the operational performance of this portfolio, given their track record of success and proven asset management protocols,” stated Patrick Jennings, Managing Director, Investments & Asset Management for The Arden Group.
Lee & Associates of Eastern Pennsylvania is an affiliate of Lee & Associates, the largest broker-owned firm in North America with offices internationally.
Lee & Associates provides strategic insight and transactional advisory services for both tenant and agency clients with a focus on industrial assets. Lee has been involved in lease or sale transactions totaling more than 10 million square feet and in excess of 1,100 acres of land. Lee specializes in the underwriting and analysis of development sites and assets on behalf of clients. He has structured building sale, development site sale, tenant & agency representation, build-to-suit, redevelopment, and expansion & consolidation transactions throughout his career.
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About Lee & Associates of Eastern Pennsylvania
Lee & Associates of Eastern Pennsylvania began operations in May 2015 under the leadership of Principals Brian Knowles, CCIM, SIOR, and John Van Buskirk, SIOR. Long recognized individually as national leaders in the industrial real estate business, they have chosen to take their over 45 years of combined real estate experience in a new direction – as broker-owners of this new initiative. Lee & Associates of Eastern Pennsylvania is committed to providing market-leading research and support while remaining grounded in exceptional client service. For the latest news from Lee & Associates of Eastern Pennsylvania, follow us on Facebook, LinkedIn, Instagram and Twitter or visit us on the web at http://www.lee-associates.com/pennsylvania
About Lee & Associates
Celebrating more than 40 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and Canada including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Toronto, Ontario, Vancouver BC and Wisconsin. With more than 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn and Twitter.
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