LVEDC Identifies Notable Real Estate Transactions in 2020’s Final Quarter
By Nicole Radzievich Mertz on March 11, 2021
The Lehigh Valley Economic Development Corporation (LVEDC) compiled a list of notable real estate transactions for the final three months 2020, a quarter marked by the economy’s continued recovery from a COVID-induced downturn.
In the fourth quarter, Lehigh Valley saw more industrial space come on line as demand for logistic space continued to rise amid the e-commerce boom. More than 9 million square feet were under construction at the end of the year. The quarter ended with a vacancy rate in industrial inventory below 6%, according to CoStar, a leading source of real estate data.
Office construction, except for a large project undertaken by Air Products, largely stalled and office inventory had a Fourth Quarter vacancy rate of 8.7%, up from 8.1% in the first quarter of 2020, according to CoStar.
Notable Fourth Quarter Leases
| Property | SF Leased | Landlord Rep | Tenant | Municipality | Class |
| 4255 North Valley Drive | 812,210 | JLL | United Natural Foods | Schnecksville | Industrial |
| 4240 North Valley Drive | 514,784 | JLL | United Natural Foods | North Whitehall Township | Industrial |
| 1380 Jacobsburg Road | 162,340 | JLL | Iron Mountain | Plainfield Township | Industrial |
| 3863 Courtney St. | 160,000 | J.G. Petrucci Co. Inc. | RJ Schinner Co | Hanover Township, Northampton County | Industrial |
| 7267 Schantz Road | 152,358 | Exeter Property Group | Allen Distribution | Upper Macungie Township | Industrial |
| 6461 Snowdrift Road | 100,000 | JLL | Smart Warehousing | Upper Macungie Township | Industrial |
| 2300 Newlins Mill Road | 70,000 | Blackstone Real Estate Income | Iron Mountain | Palmer Township | Industrial |
| 860 Nestle Way | 67,510 | Colliers International | Progistics Distribution | Upper Macungie Township | Industrial |
| 2675 Commerce Center Blvd | 37,717 | NIA Summit | Forward Air | Bethlehem | Industrial |
| Source: CoStar |
Notable Fourth Quarter Sales
| Property Address | Municipality | Property Type | Sale Price | Buyer | Seller |
| 8001 Industrial Blvd | Upper Macungie Township | Industrial | $62,686,994 | LRE Allentown LLC | Bridgestone Americas Tire Operations |
| 2100 Mack Blvd | Allentown | Office | $31,250,000 | 2100 Mack LLC | Bulldog Ventures I LP |
| 3477 Corporate Parkway | Upper Saucon Township | Office | $19,650,000 | Afasau LLC | Center Valley Parkway Associates LP |
| 2401 Northampton St | Palmer Township | Office | $15,775,000 | DOC-2401 Northampton Street MOB LLC | JERC Partners XXIX LLC |
| 2300 Newlins Mill Rd | Palmer Township | Industrial | $11,451,187 | Blackstone Real Estate Income Trust, Inc. | Iron Mountain Incorporated |
| 6690 Grant Way | Upper Macungie Township | Industrial | $8,000,000 | Platinum Owner PA LLC | LHV Portfolio Investors LLC |
| 617 Krocks Rd | Lower Macungie Township | Industrial | $7,500,000 | Lower Macungie Mixed Use Development LLC | Roman Catholic Diocese of Allentown |
| 6612 Snowdrift Rd | Upper Macungie Township | Industrial | $7,500,000 | K Matkem Co | Maria Kluber |
| 6670 Grant Way | Upper Macungie Township | Industrial | $7,000,000 | Platinum Owner PA LLC | LHV Portfolio Investors LLC |
| Source: CoStar |
A more complete look at Lehigh Valley’s Commercial Real Estate in 2020 can be found in the Lehigh Valley Annual report, which is scheduled to be released in mid-March.
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