Stan Johnson Company Brokers Sale of Pennsylvania Industrial Facility Leased to Priority Bicycles

PriorityBicyles

Stan Johnson Company, 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 Stan Johnson Company 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 Stan Johnson Company’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. 

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About Stan Johnson Company:

Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm and its affiliates provide acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $45 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services.