A New Jersey industrial real estate firm sold a prominent
warehouse facility in Lehigh County for $27.5 million.
Woodmont Industrial Partners of Fairfield, N.J., sold
9747 Commerce Circle in Weisenberg Township to Industrial Property Trust Inc.
of Denver, Colo., according to Lehigh County property transaction records.
The Class A, 385,000-square-foot industrial property is
off Interstate 78 at Exit 45 in Arcadia West Industrial Park across from the
West Hills Business Center.
The property is home to Hearth & Home Technologies, a
producer and installer of hearth products. The company is expected to remain in
the facility, which also has a vacant space.
“We discussed it internally with our partner; the new
owners are going to backfill it with a tenant,” said Anthony Amadeo, vice
president of asset management and corporate real estate services for Woodmont
Industrial Partners. An adjacent parcel will be developed for additional
parking, he added.
The property will remain as a warehouse/distribution
center, he added.
The CBRE Inc. Philadelphia team of executive vice
president Michael Hines, senior vice president Brian Fiumara and vice president
Brad Ruppel represented the buyer and seller in the transaction, according to
Hines.
“Eastern Pennsylvania is equally sought after by capital
sources as much as central and northern New Jersey,” Hines said. “It’s an
extension of New York.”
Source: LVB
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