A $21.3 million sale of an industrial property reflects the continuing economic development potential found in the Lehigh Valley according to those involved in the transaction.
Cushman & Wakefield Inc.'s Capital Markets Group arranged the late December sale of the 385,000-square-foot property, located at 9747 Commerce Circle in Kutztown.
A joint venture involving Woodmont Industrial Partners and AEW Capital Management purchased the site from a joint venture involving Endurance Real Estate Group and Thackeray Partners.
AEW acquired the property on behalf of AEW Partners VI, L.P.
"We represented the seller in the transaction and procured the buyer," said John Plower, associate director at Cushman & Wakefield Inc.'s Capital Markets Group in Philadelphia.
The chance to acquire a fully leased, new-generation building drew significant interest.
"I'd call the investment opportunities almost scarce," said Plower. "Typically, Lehigh Valley properties maintain good rental value and perform well."
Plower said this Class A distribution center, which was built on nearly 26 acres in 2007, is fully leased to Teva Pharmaceutical USA, Inc, Hearth & Home Technologies and PALRAM Industries Ltd.
(For more details read the Monday, Jan. 7, 2013 print edition of Lehigh Valley Business.)