Woodmont, AEW Acquire Lehigh Valley, PA Industrial Property
Woodmont Industrial Partners, in joint venture with AEW Capital Management (AEW), has acquired the 385,000-square-foot industrial building located at 9747 Commerce Circle in the Arcadia West Industrial Park in Kutztown, PA.
The building is fully leased and includes three tenants, Teva, Palram and Hearth and Home. The property was acquired from the Endurance Real Estate Group.
Cushman & Wakefield’s team of Gary Gabriel, executive vice president; Paul Torosian, executive director; John Plower, associate director; and Gerry Blinebury, senior director were the brokers for the sale.
This is the third acquisition in 2012 for Woodmont Industrial Partners, and the second in Pennsylvania this month.
Woodmont Industrial Partners recently acquired 34 Dauphin Road in Mechanicsburg, a vacant 180,333 free-standing warehouse that Woodmont is renovating. The company’s first purchase, earlier in 2012, was the I-78 Logistics Center, a 729,000 square foot facility located at 111 Cokesbury Road in Clinton, N.J. which has been improved with T-5 lighting, ESFR sprinklers and 38 additional loading docks.
“Unlike our recent two purchases, which required us to embark on much needed capital improvements, this is an acquisition of a fully leased stabilized asset,” said Eric Witmondt, Principal of Woodmont Industrial Partners.