701 Pencader

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Avir Realty Group, LLC acquired this 152 ksf industrial building in 2003 in partnership with Avir Corporation and Ivan Stern. Since this acquisition, Avir has kept the building fully leased.

First replacing Pitney Bowes with Sardo and Sons in 60 ksf and then concurrently expanding United Cocoa Processors, Inc to 92 ksf. In 2008 Penguin Pencader, LLC, purchased the building, with George Gowen as a partner. In 2016 Avir represented the Landlord and both Tenants in long term lease renewals, prior to the sale of the Property to Pencader Industrial, LLC.

George Gowen remains a partner in Pencader Industrial, LLC. Avir Realty Group is the Leasing and Site Manager, working closely with Sovereign Property Management.

Mr. Gowen recently represented both the Landlord and Tenant in the expansion of UCP into the entire building with a very long term lease extension.

  • Location: Newark, DE

Purchased in 2003, currently operating at over 15% cash yield on equity.

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