A partnership involving Corvest Realty Inc. and Balashine Properties is planning to spend $12 million upgrading its new property, the County Line Commerce Center in Warminster, that it just bought for $11.2 million.

The five-building, 427,421-square-foot office complex at 101-163 E. County Line Road is 64 percent vacant with a total of 277,681 square feet empty.

Fischer & Porter Co., a maker industrial instruments, had occupied the complex beginning in 1967 and used it to manufacture its products. In 1994, the company was bought by Elsag Bailey Process Automation and five years later, Elsag Bailey was acquired by ABB., writes Natalie Kostelni in the Philadelphia Business Journal.

[uam_ad id=”54865″]

Not long before the ABB purchase, the complex was sold in 1998 and Fischer & Porter initially leased it back in its entirety and its then new owner, Preferred Properties Inc., renovated it. The property eventually ended up back in the hands of the lender in 2011 and Crossroads Partners of Schaumburg, Ill., bought it in 2016 for $7.45 million, according to Bucks County property records.

Now Corvest with Balashine Properties, both of which are based in Blue Bell, and Millbrook Properties of Chicago, Ill., acquired the property. Mike Margolisand Dave Dolan of Newmark Knight Frank arranged the sale. Ackman Ziff oversaw its financing.

The new owners will spend $12 million on a range of interior and exterior upgrades as well as add an amenity center. Meyer Design Inc. is the architect. ABB has shrunk the amount of space it occupies and is in just 30 percent of the building while some other small tenants take up about six percent.

To read the complete story click here.

[uam_ad id=”54875″]