LaSalle Investment Management, a member of Chicago-based Jones Lang LaSalle Group, sold the buildings, which aggregate 797,400 sf. They are fully leased to four tenants: B. Braun Medical, ServiceCraft, SureFit and Johnstone Supply. Sunnyvale, CA-based Higgins Development Partners completed the buildings between 2000 and 2001. The properties are located at the intersection of I 78 and Rte. 100 within the Fogelsville section of Allentown.
Michael Hines and Robert Fahey, EVPs; and Michael Blunt and Lizann McGowan, first VPs of the Philadelphia metro investment properties team of CB Richard Ellis, represented both parties in the transaction with Hines and Blunt as lead brokers. Joe McDermott, CBRE SVP, was the leasing agent for the buildings.
This follows Liberty's acquisition this month of Crossing II, a 607,000-sf warehouse/distribution center at 860 Nestle Way in the same industrial park. That property was developed and sold by Opus East in Plymouth Meeting, PA, which is the mid-Atlantic office of Minnesota-based Opus Group. The Nestle Way building is 68% leased to Bombay Co.
"Clearly the Lehigh Valley West Industrial Park is a target market for many institutional investors, including Liberty," Hines tells GlobeSt.com. "It's receiving a lot of national and regional interest, and Liberty believes it's a real area of growth." Liberty currently owns approximately 10 million sf of industrial space in the Lehigh Valley.
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