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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

 

PropertySF LeasedLandlord RepTenantMunicipalityClass
4255 North Valley Drive812,210JLLUnited Natural FoodsSchnecksvilleIndustrial
4240 North Valley Drive514,784JLLUnited Natural FoodsNorth Whitehall TownshipIndustrial
1380 Jacobsburg Road162,340JLLIron MountainPlainfield TownshipIndustrial
3863 Courtney St.160,000J.G. Petrucci Co. Inc.RJ Schinner CoHanover Township, Northampton CountyIndustrial
7267 Schantz Road152,358Exeter Property GroupAllen DistributionUpper Macungie TownshipIndustrial
6461 Snowdrift Road100,000JLLSmart WarehousingUpper Macungie TownshipIndustrial
2300 Newlins Mill Road70,000Blackstone Real Estate IncomeIron MountainPalmer TownshipIndustrial
860 Nestle Way67,510Colliers InternationalProgistics DistributionUpper Macungie TownshipIndustrial
2675 Commerce Center Blvd37,717NIA SummitForward AirBethlehemIndustrial
Source: CoStar

Notable Fourth Quarter Sales

 

Property AddressMunicipalityProperty TypeSale PriceBuyerSeller
8001 Industrial BlvdUpper Macungie TownshipIndustrial$62,686,994LRE Allentown LLCBridgestone Americas Tire Operations
2100 Mack BlvdAllentownOffice$31,250,0002100 Mack LLCBulldog Ventures I LP
3477 Corporate ParkwayUpper Saucon TownshipOffice$19,650,000Afasau LLCCenter Valley Parkway Associates LP
2401 Northampton StPalmer TownshipOffice$15,775,000DOC-2401 Northampton Street MOB LLCJERC Partners XXIX LLC
2300 Newlins Mill RdPalmer TownshipIndustrial$11,451,187Blackstone Real Estate Income Trust, Inc.Iron Mountain Incorporated
6690 Grant WayUpper Macungie TownshipIndustrial$8,000,000Platinum Owner PA LLCLHV Portfolio Investors LLC
617 Krocks RdLower Macungie TownshipIndustrial$7,500,000Lower Macungie Mixed Use Development LLCRoman Catholic Diocese of Allentown
6612 Snowdrift RdUpper Macungie TownshipIndustrial$7,500,000K Matkem CoMaria Kluber
6670 Grant WayUpper Macungie TownshipIndustrial$7,000,000Platinum Owner PA LLCLHV 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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