Press Release

CBRE Arranges Sale of Lehigh Valley Light Industrial Portfolio in Allentown, PA

2020 5월 18

CBRE today announced the sale of the Lehigh Valley Light Industrial Portfolio, a three-building, 380,274 sq. ft. portfolio located in Allentown, Pennsylvania, to Brennan Investment Group.  

Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE National Partners spearheaded the marketing campaign and negotiated the sale transaction on behalf of the seller, a joint venture between The Magellan Group and Drake Real Estate Partners. 

“Even during these unprecedented times, we are seeing a demand for functional infill space and no or minimal price adjustment,” said Michael Hines, Vice Chairman, CBRE. “The sale of the Lehigh Valley Light Industrial Portfolio further proves the desire to own in the Lehigh Valley.” 

Comprised of 100, 202-208 and 212 Cascade Drive, all of the portfolio’s assets are positioned immediately proximate to Lehigh Valley International Airport and 1.8 miles off Route 202 and just under 10 miles from Interstate 476. Furthermore, the assets are located just 1.5 miles from FedEx Ground’s 2018-completed Lehigh Valley Distribution Hub, the largest in its national network. 

At the time of sale, all three assets were 100 percent occupied. 

“Executing a sale like this amidst the current market environment is a testament to the strength of the Lehigh market, the continued resilience of the industrial sector as a whole, and the tenacity of all the teams involved. This is our third successful exit within the Drake-Magellan partnership,” commented Jonathan Garonce, Partner at Drake Real Estate Partners. 

Kevin Staley, Principal of The Magellan Group, added: “We are grateful for the enduring partnership with Drake, the steadfast commitment from the Brennan Investment Group and the terrific execution by the entire CBRE team.” 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.