Tuesday, May 24, 2016

Woodmont Industrial Partners Sells 385,000-SF Lehigh Valley Distribution Center

by Steve Lubetkin, Globest.com
 Woodmont Industrial Partners has sold 9747 Commerce Circle, a class A, 385,000-square-foot industrial property in Kutztown, PA. The buyer and terms were not disclosed.

“The Lehigh Valley industrial market has demonstrated continued strength,” Eric Witmondt, principal of Woodmont Industrial Partners, tells GlobeSt.com exclusively. “With an aggregate vacancy rate of 5.7 percent for the first-quarter of 2016, the demand for quality industrial space in the region is quickly outpacing the supply of modern product. Looking ahead, we are seeking value-add opportunities in the Lehigh Valley and beyond—and plan to grow our industrial portfolio in the next several months.”

Woodmont, which acquired 9747 Commerce Circle in 2012 in a joint venture with AEW Capital Management, extended and expanded a lease at the building with Hearth & Home, a producer and installer of hearth products, for 173,701 square feet.

“Given the exceptional quality of the building, as well as its stable tenancy and strategic location in the increasingly sought-after Lehigh Valley industrial market, 9747 Commerce Circle presented an outstanding investment opportunity,” says Witmondt. “As we continue to grow our portfolio of industrial properties and land sites across New York, New Jersey and Pennsylvania, we will work to identify properties that fit this mold.”

Located within the Arcadia West Industrial Park in the heart of the Lehigh Valley, 9747 Commerce Circle is less than a half-mile away from Interstate 78, and provides easy access to Interstate 476 and Route 22.

Built in 2007, the building is equipped with an ESFR sprinkler system, T5 lighting, 32-foot ceiling heights, 50-by-50-foot column spacing, 20 loading dock doors and 10 additional knock-out dock door panels.

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