ALLENTOWN, FOLCROFT, AND CARLISLE, PA—Denver, CO-based Black Creek Group, a real estate investment manager and development firm with a 25-year history, has sold two Pennsylvania industrial buildings totaling 393,000 square feet and acquired three different industrial properties totaling 325,000 square feet. The transactions bring Black Creek’s Pennsylvania footprint to 4.6 million square feet and 97.4 percent leased as of December 2018.
“Black Creek Group has been active within the region for a number of years and the completion of these transactions demonstrates our ability to perform and create value for investors,” says Dave Fazekas, Black Creek Group’s senior managing director for the Eastern Region. “Pennsylvania, specifically the Lehigh Valley submarket, has been a great area for us as we have experienced success in the region and are looking forward to continuing to be a player within the market.”
Black Creek sold the 188,000 square-foot Iron Run Distribution Center, 1100 Mill Road, Allentown, PA, which it originally purchased vacant in May 2015. Black Creek completed a full-building lease shortly after the acquisition. According to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions, the property was sold by IPT, a fund managed by Black Creek, to Buckhead 1100 Mill Rd LLC for $21 million.
It also sold the 205,000 square-foot 5 Logistics Drive, Carlisle, PA, to ILPT REIT for $20 million, according to Real Capital Analytics. Black Creek acquired two buildings in Kaiser Business Park, Folcroft, PA, totaling 171,000 square feet, which are 95-percent leased with the current vacancy being actively marketed. It also acquired 7055 Ambassador Drive, Allentown PA, a 154,000 square-foot asset, from High Street Realty, for $15.3 million, according to the Real Capital Analytics data. 7055 Ambassador Drive is fully leased to a single tenant.