A Chalfont property company is purchasing two industrial buildings in Quakertown. Coleman Investment Properties will spend $5.75 million to acquire the structures on 8.13 acres next to Quakertown Memorial Park, according to a news release delivered from the business that arranged the sale.

            Mativ Holdings, described on its website as a leading global specialty materials company, utilized the building at 45 North 4th St. until last year. The property includes nearly 30,000 square feet of office space and a maintenance and storage building, covering 135,462 square feet, on the south side of the site. Both are connected via an enclosed walkway over Licking Run Creek, according to a news release from the CBRE Group, Inc., a Dallas-based business that describes itself as the world's largest commercial real estate services and investment firm.

            The property – which includes buildings originally constructed in the late 19th century by the Quakertown Electric Light Company, and expanded multiple times through 1981 – is diversely zoned for industrial use or redevelopment as mixed-use/residential. The storage building features six tailgate loading docks and three drive-in doors with the capability for additional loading. It also includes three rail doors for a spur that can be returned to service, according to the news release.

            "We're excited to see the transformation of the property planned by [Coleman Investment Properties]," said Steve Marzullo, one of three CBRE Group employees who spearheaded the sale campaign on behalf of the seller, according to the news release. "The industrial space available will provide affordable leasing opportunities to businesses in a supply-constrained industrial market."

            This offering represented a rare value-add opportunity through extensive capital improvements and a lease-up of the vacant building, according to the news release.

            It states that the renovation and new occupancy of the property will contribute to the ongoing revitalization of the borough by adding "significant jobs, bolster tax revenues, and provide economic stimulus to other local businesses," according to Adam Silverman, another member of CBRE Group's marketing team.