BRISTOL, PA. — A partnership between Pennsylvania-based developer Benchmark Real Estate and New York-based investment firm Regal Ventures has acquired a 218,410-square-foot industrial property in Bristol, located northeast of Philadelphia. Crownwood Industrial Estates comprises three buildings that range in size from 13,042 to 112,348 square feet on a 25-acre site along the I-95 corridor that can support future expansion. At closing, the partnership sold the 112,348-square-foot building to Penn Steel Fabrication, which occupied about half of that building’s space and was facing lease expiration in 2025. Michael Borski and Pat Gilmore of The Flynn Co., a Philadelphia-based brokerage firm, arranged the sale. The seller and sales price were not disclosed.
Penn Steel Fabrication, which occupies 50,000 square feet in Building 200 and 12,400 square feet in Building 300 at Crownwood Industrial Estates in Bristol, Pennsylvania, is acquiring Building 200 under an industrial-sector variant of a condo ownership structure more commonly seen in retail properties.
Benchmark, Regal Ventures Acquire 218,410 SF Industrial Property in Bristol, Pennsylvania
223