Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a three-building industrial facility fully leased to Priority Bicycles, a New York City-based online retailer. Located at 165-169 Miller Avenue and 79 Thomas Avenue in Montgomery, Pennsylvania, the adjoining buildings total more than 97,000 square feet of warehouse and distribution space. Tom Georges of Northmarq represented the seller, a New York-based individual investor. The asset was purchased by a 1031 exchange buyer out of California for approximately $2.9 million.
“We were able to generate multiple quality offers within just a few days of bringing the property to market,” said Georges, Director in Northmarq’s New York office. “This property is a great fit for the buyer, and our client ultimately accepted a full-price offer.”
Located about an hour southwest of Scranton and north of Harrisburg, the mission-critical facility was originally built in 1930 and last renovated in 2020. The site comprises 1.15 acres, and the tenant operates on a newly extended, long-term triple net lease. Priority Bicycles launched in 2014 via a Kickstarter campaign with a goal of raising $30,000 to fund their first shipment. The goal was reached after just a few hours, and the company is now known for being featured in a Microsoft Teams commercial that premiered during the 2021 Super Bowl.