An Illinois owner of industrial real estate has entered the Lehigh Valley market with a $201.5 million purchase of 951 Willowbrook Road, a 1.03-million-square-foot warehouse-distribution center in Northampton.
CenterPoint Properties has been expanding its core presence in the Northern New Jersey and New York industrial market and the Lehigh Valley has been a target market.
The building was built in 2020 and sold by a joint venture between New York-based Rockefeller Group. The property is fully leased to Geodis, a third-party logistics company, and is located next to a FedEx Ground hub and not far from Lehigh Valley International Airport. Geodis has nine years remaining on its lease.
The property is part of Rockefeller Group Logistics Park, a master-planned industrial park that is in the highly desirable and dynamic Lehigh Valley industrial market. The property is near interstates 78 and 476 and Route 22, providing proximity to the Lehigh Valley region, Philadelphia and New York City.
The Lehigh Valley industrial market had a banner year in 2020, setting records in leasing activity, logging 23.5 million square feet in leases, or 20% more than a previous record set in 2016, according to a Cushman & Wakefield report.
Construction of new buildings also set a record with 21.3 million square feet of new space put on that Pennsylvania market last year. That was 1.25 million square feet more than the prior record set in 2019.
*Article courtesy of Philadelphia Business Journal
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