CenterPoint Properties Buys 1 MSF Lehigh Valley Asset
- Apr 26, 2021
CenterPoint Properties has purchased a newly constructed 1 million-square-foot industrial facility in Northampton, Pa., marking its first acquisition in the Lehigh Valley market.
CommercialEdge data lists the last owner as Rockefeller Group, which developed the property with $64.2 million in construction financing provided by TD Bank.
READ ALSO: Al. Neyer Raises $110M With First Fund
JLL Senior Managing Directors John Plower and John Huguenard of JLL worked on behalf of the seller.
Located at 951 Willowbrook Road, the project occupies 70 acres adjacent to an 800,000-square-foot FedEx distribution center and less than 3 miles from Lehigh Valley International Airport. The building features 40-foot clear-height, an ESFR sprinkler system and 149 dock doors, as well as 166 trailer stalls and 759 car stalls. According to a Newmark industry report, the facility is fully leased to Geodis, an international shipment company.
In mid-February, CenterPoint Properties expanded its Houston-area portfolio with the acquisition of a distribution facility in Pasadena, Texas. The property was developed on a 31-acre site with rail service provided by Union Pacific, BNSF and Kansas City Southern through the Port Terminal Railroad Association.