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|
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|
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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