New Class A Lehigh Valley warehouse facility trades
JLL Capital Markets closed the sale of the fully leased property to KKR
PHILADELPHIA, December 17, 2020 – JLL Capital Markets announced today that it has closed the sale of a new, fully leased, Class A, approximately 600,000-square-foot warehouse and bulk distribution facility at 30 Ludwig Court within Hamburg Commerce Park in the Lehigh Valley community of Shoemakersville, Pennsylvania.
JLL worked on behalf of the seller, a joint venture between The Keith Corporation and Kiel Group. KKR, a leading global investment firm, purchased the asset through its core plus real estate strategy.
Completed in 2020 to the highest industry standards, 30 Ludwig Court is occupied by a high-quality, investment-grade tenant. Building features include a cross-dock loading format, 36-foot clear height, 50 dock-high doors expandable by an additional 56 knock-out panels, 169 trailer stalls, ESFR fire protection, LED lighting, deep truck court and four office entrances.
The property is situated on a 38.6-acre parcel in the master-planned Hamburg Commerce Park, a development owned by The Keith Corporation and Kiel Group providing over 2.4 million square feet within the Lehigh Valley Industrial Market, a premier distribution location and one of the most sought-after markets in the country. 30 Ludwig Court is situated along Route 61, which provides north-south access to Reading, and 2.7 miles from Interstate 78, providing easy access to other regional arterials and the Lehigh Valley International Airport. Additionally, the property is 80 miles from Philadelphia and 119 miles from New York City.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors John Plower and Pete Pittroff, Vice Chairman Rob Kossar, Executive Vice President Jeff Lockard and Associate Ryan Cottone.
“30 Ludwig Court afforded KKR a tremendous opportunity to pick up a Class A building in a core industrial location that we expect will continue to see strong rental rate growth in the foreseeable future,” Plower said. “The Hamburg Commerce Park is a high-end, master-planned industrial park, and we are excited to see the remainder of the park built out.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Keith Corporation
The Keith Corporation is a privately held, full-service commercial real estate firm. Headquartered in Charlotte, North Carolina, TKC has projects in 35 states, Mexico, Australia, Canada and the United Kingdom. Developing over $3 billion worth of commercial real estate over the course of 300 projects, totaling in excess of 30 million square feet for a highly diverse clientele, The Keith Corporation has developed a reputation based on its expertise, accountability and total client satisfaction on TKC projects.
About Kiel Group
Prior to founding the Kiel Group in May 2016, Bob Kiel was a senior vice president with Liberty Property Trust where his primary responsibilities were to the Lehigh Valley and Central Pennsylvania markets. During his career with Liberty, he also opened and managed offices in Chicago, Minneapolis, Milwaukee and Michigan. With over 30 years of experience in commercial real estate with a primary focus on industrial properties, Bob, managing principal of Kiel Group, has managed hundreds of projects through entitlements, master planning, development and leasing. In total, Bob has developed over 30,000,000 square feet of distribution and manufacturing facilities.