By Ryan Cashion Costar
Indus Realty Trust, a New York-based real estate investment trust that is about to be acquired by a much larger investor, has broken ground on a 205,468-square-foot industrial warehouse in Allentown, Pennsylvania, after purchasing the 18-acre site in December 2021.
Indus, which focuses on building mid-size industrial and warehouse buildings between 75,000 and 400,000 square feet, not the million-square-foot giants generally used by companies such as Amazon, is expected to be acquired by Centerbridge Partners, an investment firm, and GIC Real Estate Inc., the manager of Singapore's foreign reserves in an $868 million deal announced earlier this year and expected to close this summer.
The firm's new building in Allentown is located at 1115 American Parkway. According to Indus' website, the firm procured approvals for the industrial building and completed master planning. As part of the transaction, which included a multi-parcel assemblage, site remediation, and collaboration with the City of Allentown as well as owners of the adjacent IronPigs minor league baseball stadium, Indus agreed to construct additional stadium parking and realign American Parkway and IronPigs Way.
The building's foundation and footers were completed in April and the tilt-up construction has gone vertical. Lee Fittipaldi, Kim Jacobson, and Selwyn Simpson with Lee & Associates are the listing brokers for the new speculative building.
Indus Realty Trust owns several Lehigh Valley properties including Lehigh Valley Tradeport I in Lower Nazareth Township and Lehigh Valley Tradeport II on Jaindl Blvd. in Hanover Township. The company recently disclosed the $2.3 million purchase of land off Hausman Drive in South Whitehall Township where it is planning a 90,000-square-foot warehouse.
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