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. Located at 805 North Wilson Avenue in Bristol, PA, the site’s sale price was not disclosed.
As part of the transaction – which represented the property’s first change of hands in 32 years — the site’s largest industrial tenant also purchased one of the complex’s buildings.
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.
Benchmark Real Estate recently developed a nearby Class-A 130,000 square foot industrial site at 6201 Bristol Pike in Levittown, PA. The development was later sold to a regional real estate investor in February of last year.
Situated 22 miles northeast of Philadelphia, the 25-acre Crownwood site encompasses three flex-industrial buildings totaling 218,410 square feet in size. Building 100 measures 13,042 square feet, Building 200 is 112,348 square feet in size, and Building 300 encompasses 93,020 square feet.
Penn Steel Fabrication, which occupies 50,000 square feet in Building 200 and 12,400 square feet in Building 300, is acquiring Building 200 under an industrial-sector variant of a condo ownership structure more commonly seen, in commercial settings, in retail properties.
The overall Crownwood portfolio also includes a 100,170-square-foot development site that is fully approved for Class-A industrial development.
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.
The new owners emphasized that the use of a condo structure facilitated the sale of Building 200 and also enhanced their ability to position the unused land for varied development approaches.
“While a condominium strategy isn’t typical for industrial properties, it was highly fitting for us in orchestrating this complex deal,” said Mike Callahan, vice president of real estate development for Benchmark. “It provided a level of flexibility that made it easier for us to both execute the internal sale and also maximize future opportunities associated with the development site.”
“Regal Ventures derives multiple benefits by working with a partner like Benchmark, highlighted by their rich network within the Philadelphia metro market as well as the broader real estate and construction industries,” said Sean Dainese, managing partner of Regal Ventures. “The site features existing small bay/flex industrial buildings that are well positioned to succeed in a supply-constrained market with strong demand from manufacturing and warehousing users.””
“The Bristol region is ideally located, with access to nearly two million people within a 30-minute drive,” said Alex Smith, Regal Ventures’s co-founder and managing partner. “Working in partnership with Benchmark, we’re adopting an aggressive timetable for the development site and expect to break ground by early 2025.”
The lender for the Crownwood acquisition was Edgewood Capital of Southport, CT. The brokers for the seller were Michael Borski and Pat Gilmore of The Flynn Company, which is based in Philadelphia. The buyer’s counsel was Spencer Hoffman of Preti Flaherty.
The Bristol submarket in Bucks County is a core, infill location as evidenced by investment from top institutional investors and national credit tenants. The county is one of the most sought-after suburban markets in the greater Philadelphia region.
Situated along the I-95 Corridor, Crownwood Industrial Estates provides direct access to Philadelphia and the Pennsylvania and New Jersey Turnpikes. Recent infrastructure improvements in the area have solidified Bucks County as a core industrial location, improving the flow of traffic in the Philadelphia region and along the East Coast.
About Regal Ventures
Founded in 2019, New York-based Regal Ventures is a real estate investment manager with local market expertise and a strategic structure designed to swiftly capitalize on evolving market dynamics.
The company’s primary platform focuses on urban and suburban infill retail investments in well located, highly dense neighborhoods in selected, major metropolitan statistical areas with opportunistic through core-plus profiles. Its secondary platform focuses on small bay/flex industrial properties that offer unique infrastructure within, or adjacent to, major metro markets, with an emphasis on repositioning the asset either through building alterations or mark-to-market leasing.
About Benchmark Real Estate, LLC
Founded in 2018, Benchmark Real Estate, LLC, is a vertically integrated, real estate development and construction company based in Lancaster, PA. The company specializes in bringing unique perspectives and investment creativity to solve complex deal structures, financing, and operational barriers.
The company’s mid-Atlantic investment portfolio includes industrial, healthcare, senior living, and multifamily properties. It focuses on value-add and ground-up opportunities in stable markets that are well positioned to drive value for its partners.
It is an affiliate of Lancaster-based Benchmark Construction Company Inc., a company founded in 1985 that offers an array of construction services including construction management, design-build, preconstruction, and general contracting. It serves a range of commercial and institutional clients.
