A NJ-based investment company led by office supply boss Moses Schwartz has acquired a 75-acre industrial office campus in Lancaster, PA, for $30 million.
CBRE announced it arranged the sale of BURLE Business Park, a 1.2 million square-foot multi-tenant mixed use office and industrial park located at 1004 New Holland Avenue in Lancaster, Pennsylvania.
Schwartz’ Freehold-based Jersey Holdings plans to invest in “significant capital improvements” to the 75-acre campus, which was 90 percent occupied at the time of sale.
CBRE Senior Vice President Bill Tourtellotte represented the seller, BURLE Business Park LP. The partnership is comprised of family members of the individuals who acquired the property in 1987.
“BURLE Business Park is one of the premier office and industrial properties in South Central Pennsylvania,” said Tourtellotte. “With new ownership committed to investing in significant capital improvements, this property will continue to attract high-quality tenants for years to come.”
The campus, which is comprised of 16 buildings, is home to more than 40 tenants including Intermediate Unit 13, Lancaster General Health (Penn Medicine), Photonis, Advanced Cooling Technologies, and Angelo’s Soccer, among others.
The property offers several amenities including 24-hour security, cafeteria, fireside coffee café, conference room, catering service, and heavy redundancy electricity. Additionally, the property provides both office and flex space, warehouse space, loading docks, and heavy floor load capability.
BURLE Business Park, which is home to 1,800 employees, is located just two minutes from U.S. Route 30 and under 165 miles from Philadelphia, Washington, D.C. and New York City. Lancaster Airport is less than 10 miles away and Reading Regional-Carl A. Spaatz Field Airport and Harrisburg International Airport are both within 35 miles.
AccoRDing to the local Lancasteronline website, Schwartz started Jersey Holdings in 2008 to invest in multi-family housing, commercial and industrial properties.
He is the founder and principal of The Office Pal, an office supply company that services government agencies and educational institutions.