By Rachel Whaley CoStar Research
Indus Realty Trust has purchased a fully leased industrial facility in Allentown, Pennsylvania, for $11.7 million.
The New York-based real estate investment trust acquired the single-tenant building from Jamble Enterprises, according to CoStar data. Indus used cash on hand to pay for the facility, the firm said in a statement announcing the deal.
Built in 1982, the facility is located at 6355 Farm Bureau Road within the Iron Run Corporate Center. The logistics building totals 127,500 square feet and is leased to LyondellBasell Industries.
"We believe this acquisition provides the opportunity to create significant value over time as the current in-place rent is below market and the excess land on the site provides options for potential future improvements.," Michael Gamzon, president and CEO of Indus, said in a statement. "The building complements our existing 1.3 million square foot Lehigh Valley portfolio and is located in the same corporate park as our Ambassador Drive building."
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