New Lehigh Valley warehouse facility sells for $22.3M
JLL Capital Markets closed the sale of the multi-tenant industrial building in Hamburg, PA
PHILADELPHIA, June 8, 2021 – JLL Capital Markets announced today that it has closed the $22.3 million sale of a new, 149,632-square-foot multi-tenant bulk distribution warehouse facility at 336 Logistics Dr. in the Lehigh Valley community of Hamburg, Pennsylvania.
JLL marketed the property on behalf of the seller, a joint venture between The Keith Corporation and Kiel Group. TA Realty purchased the asset.
336 Logistics Dr. is situated on 13.95 acres within Hamburg Commerce Park, which is in a strategic logistics location with excellent transportation infrastructure and connectivity to major population centers. Situated just two miles south of Interstate 78 in Hamburg, the property is located along Route 61, providing north-south access to Reading. Additionally, the Lehigh Valley location places the asset in one of the most sought-after industrial markets in the country due to limited opportunities to purchase buildings and land.
Completed in 2020, the warehouse building features a 32-foot clear height, LED lighting, 24 overhead doors that are expandable to 33, two drive-in doors, ESFR fire protection and ample parking. The facility is fully leased to two tenants, S Walter Packaging and LTL Home Products.
The JLL Capital Markets team representing the sellers was led by Senior Managing Directors John Plower and Pete Pittroff and Director Ryan Cottone along with Senior Managing Director Jeff Lockard.
“336 Logistics Dr. represented a great opportunity to acquire a new generation warehouse within a master-planned industrial park,” Plower said. “Hamburg continues to see tremendous leasing velocity and an overwhelming demand from capital to gain control of product within this pocket of the Lehigh Valley market.”
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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About JLL
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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. 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 27 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 its 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.
About TA Realty
TA Realty is among the largest and most experienced providers of real estate investment management services to U.S. and non-U.S. institutional investors. Since its inception in 1982, TA Realty has managed more than $30 billion of real estate assets through core, core-plus and value-add strategies and customized separate/advisory accounts. TA Realty’s investment philosophy focuses on creating diversified real estate portfolios that aim to generate strong cash flow, receive intensive asset management and seek to achieve long-term value creation. For more than three decades, TA Realty has maintained this philosophy through multiple real estate and economic cycles, a strength recognized by pension funds, endowments, foundations and high net worth individuals. For more information please visit tarealty.com.