Woodmont Industrial Partners and AEW Capital Management Acquire Lehigh Valley, PA Industrial Property
By Mel Fabrikant Wednesday, January 09, 2013, 07:56 PM EST
Woodmont Industrial Partners, in joint venture with AEW Capital Management (AEW), today announced the acquisition of a 385,000-square-foot industrial building located in the Arcadia West Industrial Park, in Kutztown, Pennsylvania. The property was acquired from the Endurance Real Estate Group.
The building, located at 9747 Commerce Circle in the Arcadia West Industrial Park, is fully leased and includes three tenants, Teva, Palram and Hearth and Home. 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.
“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. “This first-class asset, coupled with our other two recent purchases, strengthens our position along the Route 78 corridor”.
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.
9747 Commerce Circle is an example of industrial assets that are in great demand both from a tenant perspective and an institutional perspective, said Marc Davidson, Managing Director of AEW.
I-78 Logistics Center in Clinton, N.J. and 9747 Commerce Drive in Kutztown, Pa. were acquired by Woodmont Industrial Partners through its joint venture with AEW Capital Management, L.P (AEW). This joint venture’s focus is to acquire industrial properties in seaport and inland port markets along the Eastern U.S. The Kutztown property is included in the AEW Partners VI, L.P., series of opportunistic real estate funds.