06.20.05
AMC DELANCEY GROUP ASSISTS PHILADELPHIA GEAR IN TRANSITIONING INTO NEW INDUSTRIAL FACILITY IN HOUSTON, TEXAS
AMC Delancey completed the purchase and renovation of Philadelphia Gear’s new facility, 10830 Train Court.
Contact
Kathleen Pallas, Beckerman Public Relations
(908) 781-6420, Kathleen@beckermanpr.com
HOUSTON, TX, JUNE 20, 2005 – AMC Delancey Group, Inc., a
Philadelphia-based national real estate investment company, announced it
assisted its sister company, Philadelphia Gear, in transitioning into
its new industrial manufacturing and warehouse industrial facility in
Houston, Texas. AMC Delancey represented Philadelphia Gear in the
disposition of its former 45,000-square-foot industrial facility, 3119
Canal Street, which was purchased by I-Mach, Inc. for an estimated $1.1
million. In conjunction with the disposition of the Canal Street
property, AMC Delancey completed the purchase and renovation of
Philadelphia Gear’s new facility, 10830 Train Court.
AMC Delancey’s Andrew Kleeman, Vice President of Asset Management, and Brian Friedman, Vice President and General Counsel, spearheaded both the acquisition and divestiture efforts. Philadelphia Gear will continue to maintain its corporate office headquarters in Norristown, Pennsylvania.
Carl Rapp, President and CEO of Philadelphia Gear, stated, “We are indebted to AMC Delancey Group for making our Houston facility transition seamless. The entire transaction, including disposition of our former Philadelphia Gear facility and the purchase, construction, financing and leasing of our new facility, was completed turnkey, entirely utilizing AMC Delancey’s internal capabilities and resources. In the end, AMC Delancey helped us obtain a greater return on the sale of our old site and a favorable rental rate on our new state-of-the-art facility.”
“We are pleased to have represented our sister company, Philadelphia Gear, in the disposition of their Canal Street property and the acquisition and improvement of their new Train Court home,” said Kenneth P. Balin, president and CEO of AMC Delancey Group. “AMC Delancey was able to utilize its vast in-house legal and investment services and construction teams to satisfy all parties’ objectives in this transaction.”
Philadelphia Gear's new facility at Train Court is a newly constructed state-of-the-art flex/industrial building that has allowed Philadelphia Gear to consolidate its Gulf Coast Service Center into one modern building that adds efficiency and better customer service capacities.
Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a long-term investor in real estate that invests directly and with a select group of local real estate operating partners throughout the United States. Headquartered in Philadelphia, Pennsylvania, the Company targets value-added investment opportunities in the multi-family, office, industrial, hotel and retail sectors. AMC Delancey is planning approximately $500 million in new investments over the next several years and continues to seek long-term relationships with strategic real estate operating partners in new markets. For more information on AMC Delancey Group, visit www.amcdelancey.com .
