Monday, March 17, 2014

Keystone Property Group Divests Allentown Asset

STAG Industrial Management LLC has acquired the industrial building at 7132 Daniels Dr. in Allentown, PA for $12 million, or about $41 per square foot, from Keystone Property Group. 

The 289,900-square-foot warehouse and distribution facility was built in 1986 on 18.7 acres in the Lehigh Valley Industrial submarket of suburban Philadelphia, part of the Iron Run Corporate Center, with access to Routes 78 and 100 and the PA Turnpike. The cross-dock property features three-percent office build-out, 33 loading docks, 28-foot clear heights, 5,000-amp heavy power, six-inch floors, and up to 50-foot column spacing. 

Knoll, Inc. recently signed a lease to occupy the entire building. The successful lease-up and disposition of the asset will allow the seller to redeploy capital into its office and mixed-use portfolio, following a recent joint-venture agreement with Mack-Cali and several other completed deals across suburban Philadelphia. 

"The lease up and sale of this building is another step in our strategy to refocus our investment platform on well-located office assets where there exists significant opportunity to meet the evolving demands of the market through the creation of distinct, lifestyle-oriented business and mixed-use environments," stated Bill Glazer, president of Keystone Property Group.

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