Home Bensalem Times Cushman & Wakefield brokers $23.7 million sale of warehousing and distribution complex...

Cushman & Wakefield brokers $23.7 million sale of warehousing and distribution complex in Bensalem

The property at 450 Winks Lane is home to National Refrigeration Inc., Rolled Metal Products Inc., and Brenner Aerostructures LLC, all of which have extended their leases within the recent past

The Times

Cushman & Wakefield has orchestrated the $23.7 million sale of a 430,373-square-foot warehousing and distribution center located at 450 Winks Lane in Bensalem. The seller, a private real estate investment firm, was presented by Cushman & Wakefield’s team of Gerry Blinebury and Jonas Skovdal, along with Gary Gabriel and Kyle Schmidt of the firm’s East Rutherford, New Jersey-based Capital Markets team.

“Our team spent the past nine months working with the seller to coordinate the sale of this highly-desirable property to a leading real estate, investment and development company in Philadelphia,” said Blinebury, executive managing director. “The newly-renovated complex boasts three long-standing tenants with extended, rent-stabilized leases, and offers accessibility to a sought-after suburban location supported by a rich, diverse labor pool in one of the nation’s most populous metropolitan regions.”

Recent renovations to 450 Winks Lane, which was built in 1973, include the addition of a new roof and upgrades to the building’s mezzanine and landscaping. The single story, Class B industrial facility features ceiling heights with up to 40 feet of clearance; LED and T-5 lighting; 38 dock-high loading doors; six drive-in doors; 13,200 amp, three-phase electric service; and a 2.54-acre parking lot capable of accommodating 450 vehicles. The building sits on 16.2+/- acres in four quadrants and includes an additional 2.5 acres of macadam surfaced land.

The property is home to National Refrigeration Inc., Rolled Metal Products Inc., and Brenner Aerostructures LLC, all of which have extended their leases within the recent past.

Ideally situated in close proximity to the area’s extensive regional highway network, 450 Winks Lane offers exceptional access to Routes 1, 73, 13 and 132, as well as I-95, which recently completed a $1.1 billion infrastructure upgrade at the Neshaminy Falls toll plaza in Bensalem. Two SEPTA Regional Rail lines provide additional service to Center City Philadelphia from Bensalem Township.

Southeastern Pennsylvania is experiencing a period of thriving economic growth. A recent study by the Chamber of Commerce for Greater Philadelphia found that the region created nearly 60 percent of all new jobs and generated approximately 39 percent of the state’s total revenues from 2013 to 2016. Cushman & Wakefield has recently reported vacancy rates of 4.2 percent in Southeastern Pennsylvania, and an even lower rate of 1.3 percent in Lower Bucks County.

“Locations like 450 Winks Lane are becoming increasingly difficult to find in the Greater Philadelphia marketplace,” added Blinebury. “We worked diligently with the seller to facilitate the transaction and help the new owner recognize the long-term value and opportunities this asset has to offer.”

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