| The Horsham-based MRA Group yesterday announced the sale of its 800k SF TEK Park campus in Breinigsville to an unnamed New York-based investment firm for more than $50M. Not a bad day's work, especially considering that MRA paid just $9.3M when it purchased the property from the Oregon-based TriQuint Semiconductor in 2005. MRA CEO Larry Stuardi tells us the property that MRA eventually developed into the multi-tenant, high-technology center "was dead in the water" when his organization picked it up. "And keep in mind," MRA's Brian Sundermeir adds, "that the place was nearly empty when we purchased it." A few years later, the campus is nearly 90% filled. |
| And while Larry declined to name the investment firm that purchased the property, he did assure us that the buyers are going to continue to operate TEK Park along the same lines. "We got it to where it is, and they're going to make sure it stays where it is," he added. Makes sense. After all, would you fiddle around with a biotech campus that had its own helicopter pad and salt dome? |
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