Innovative Condo Strategy Facilitates Acquisition of Crownwood Industrial Estates

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NEW YORK and LANCASTER, PA — Benchmark Real Estate and Regal Ventures have teamed up to acquire Crownwood Industrial Estates in Bristol, PA, using an industrial condominium ownership approach. The deal marks the first time the property has changed hands in over three decades, although the sale price remains undisclosed.

Crownwood Industrial Estates, located 22 miles northeast of Philadelphia, spans 25 acres and includes three flex-industrial buildings totaling 218,410 square feet. Building 100 measures 13,042 square feet, Building 200 is 112,348 square feet, and Building 300 covers 93,020 square feet. A notable aspect of the transaction is Penn Steel Fabrication’s acquisition of Building 200, leveraging an industrial-sector condo ownership model traditionally used in retail settings.

The estate also includes a 100,170-square-foot development site, fully approved for Class-A industrial construction. The partnership plans to explore options such as pre-leasing, building to suit, or selling the site to developers. Benchmark Construction Company, Inc. aims to deliver the site by late 2025.

Mike Callahan, vice president of real estate development for Benchmark, highlighted the flexibility offered by the condo strategy: “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.”

Sean Dainese, managing partner of Regal Ventures, praised the collaboration with Benchmark: “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.”

Alex Smith, co-founder and managing partner of Regal Ventures, emphasized the strategic location of the site: “The Bristol region is ideally located, with access to nearly two million people within a 30-minute drive. Working in partnership with Benchmark, we’re adopting an aggressive timetable for the development site and expect to break ground by early 2025.”

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The acquisition was financed by Edgewood Capital of Southport, CT. Michael Borski and Pat Gilmore of The Flynn Company, based in Philadelphia, brokered the sale, with Spencer Hoffman of Preti Flaherty acting as counsel for the buyer.

Crownwood Industrial Estates’ prime location along the I-95 Corridor provides direct access to major highways, reinforcing Bucks County’s status as a key industrial hub in the Philadelphia area. Recent infrastructure enhancements have bolstered the region’s appeal to top institutional investors and national credit tenants, cementing its position as a sought-after suburban market.

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