Progress Realty Partners Acquires Industrial Flex Property in Wyomissing, Pennsylvania, for $11.7M

by Taylor Williams

WYOMISSING, PA. — Progress Realty Partners, a New Jersey-based private equity firm, has acquired Park Place Center, a 143,000-square-foot industrial flex property in Wyomissing, located about 60 miles northwest of Philadelphia. The site spans 11 acres, and the complex consists of 10 buildings ranging in size from 2,985 to 55,080 square feet. Affiliate firm Progress Capital arranged an acquisition loan for the deal that carried a 75 percent loan-to-value ratio and one year of interest-only payments. Alan Cafiero and Mark Gjonbalaj of Marcus & Millichap represented the undisclosed seller in the transaction.

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