Franklin Realty Development Corporation’s commitment to quality renovation can be seen in the transformation of 1170 Wheeler Way. Franklin purchased the building in 2003 for $2,250,000 or approximately $53 per square foot. The 42,500-square-foot building was completely vacant when it was purchased. Franklin invested $2,400,000 on extensive renovations to the shell, a new foot bridge and tenant fit out. Within two years, the building was 100% renovated and leased to four tenants. It was appraised at $6,300,000.
The appearance of 1170 Wheeler Way today, as shown in the “After” photo at the top, stands in sharp contrast to the original aging building.
Wheeler Way joins other Franklin renovation/value-added projects that include CenterPointe Office Center, a 93,350-square-foot office building in Warminster, PA and CedarPointe Corporate Center, a seven-building, 280,000-square-foot office campus in the Lehigh Valley.
Common areas at Wheeler Way provide a professional ambiance with muted tones and modern design that contribute to Franklin’s successful leasing program.
As part of the renovation of 1170 Wheeler Way, Franklin did extensive landscaping and replaced an old pedestrian bridge from the parking lot (before left, after right), extending it so that users would not have to negotiate steep stairs near the building.