High Street Nabs 18-Building PA Portfolio
- Aug 01, 2008
High Street Equity Advisors has invested $70.5 million in acquisitions in Pennsylvania. The Boston-based firm purchased 18 light industrial and R&D Flex buildings in two Pennsylvania portfolios, Lehigh Valley and Bucks County. The combined square footage of the properties is about 963,000 square feet, and brings High Street’s Pennsylvania holdings to 26 properties totaling approximately 1.4 million square feet. High Street had previously owned properties in Philadelphia, Harrisburg, Valley Forge, Pittson and Bethlehem. The Bucks County portfolio is comprised of 12 Class B+ light industrial and R&D Flex buildings, and cost $50.4 million in total. The buildings are currently 93 pecent occupied by 43 tenants. Bucks County is situated to the north of Philadelphia. The firm’s Lehigh Valley purchases, meanwhile, consist of six light industrial buildings, totaling about 315,000 square feet. The Lehigh Valley holdings are currently 94 percent occupied by 17 tenants. High Street Equity Advisors is a real estate investment company headquartered in Boston, with regional operations in both Pennsylvania and Florida. The firm seeks out investments for income and value generation based on its proprietary Nine Point Investment Model. This tool allows the firm to identify attractive properties for purchases based on capital markets’ impact on real estate and judges each market based on supply, demand, and vacancy rates. High Street recently made news with the purchase of a $77 million portfolio of industrial buildings in New Jersey.