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Red Bank-based Denholtz Properties on Thursday announced it acquired the Lehigh Valley Portfolio, an 18-building, 723,734-square-foot portfolio spread across Allentown and Bethlehem, Pennsylvania. The transaction is the latest acquisition for Denholtz Properties’ joint venture, which plans to acquire and develop multitenant industrial properties across the U.S.
Brad Ruppel and Tristan Cade of CBRE represented the seller, PennCap Properties, in the transaction.
The Lehigh Valley Portfolio is made up of versatile spaces situated in a coveted infill location along Route 22, nestled within the Interstate 78/Interstate 81 Corridor.
Each building offers tenants exceptional connectivity to the entire Lehigh Valley market, along with the metropolitan areas of Philadelphia and New York City. The portfolio’s strategic location and adaptability for various purposes have positioned it as the preferred choice for businesses across a diverse array of industries.
“The Lehigh Valley’s favorable demographics and ease of access to substantial population centers across the eastern United States, paired with a constrained new construction pipeline, make it a highly desirable market for us,” Mark Mahasky, director, acquisitions and capital transactions at Denholtz Properties, said. “We look forward to executing our time-tested asset management strategy across this portfolio to create a premier experience for the area’s tenants.”
Made up of over 150 million square feet of industrial space, the Lehigh Valley submarket is among the most competitive in the Interstate 78/Interstate 81 Corridor stretching across eastern and central Pennsylvania. According to the latest data from CBRE, the market continues to see strong year-over-year rent growth and a limited supply of new construction that has positioned it for long-term stability.
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