1800 Ogletown Road

Large Cross Loading Warehouse, purchased with some vacancy and need for renovations. Sold when fully leased to DuPont.

Delmer, LP

Purchased in 1989, and added 260ksf on vacant land over the next 5 years. Sold in 2003. Partner return 5%.

Penn Warner, LLLP.

Purchased in 1998 at well below replacement cost. Renovated, raised the rents over 5 years and sold fully stabilized in 2003. ROE over 30% annualized.

Old Tree, LP

Avir Corporation General Partner
Lease renewal with Lancaster Preferred Partners, LLC, commenced 7/2005, valued at over $3m.

Purchased in 1997 . Re-roofed in 2000 at tenant’s sole expense. Completed re-leasing in 2003 with no vacancy down time. Refinanced in 2004. 18% annual return on original investment.

Restaurant Row

Restauarant Row at the Horizon Corporate Center in Bensalem PA was acquired in January 2008. This portfolio of seven land parcels with long term ground leases to credit tenants is located at the PA Turnpike – Route 1 Interchange.

The Tenant Roster includes Starbucks, Wachovia, Wendy’s, Red Robin, 99, Chick-Fil-A and Crackerbarrel. Wal-Mart and Lowes are on contiguous parcels. The site has its own direct access ramp onto the PA Turnpike.

701 Pencader

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

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