Chicago-based private real estate investment firm Brennan Investment Group has acquired a three-building industrial portfolio, totaling 380,274 SF located in the Lehigh Valley. The buildings are 100% leased to five tenants.
The portfolio is located in the I-78/I-81 Industrial Corridor, one of the most sought-after locations in the Northeast for logistics having direct access to New York and Philadelphia. The portfolio is in close proximity to the new $335 million FedEx Ground hub which will be the largest FedEx facility in the U.S.
The buildings are also adjacent to Lehigh Valley International Airport, where Amazon will build a new hub for consumer goods. The portfolio’s location provides access to all major thoroughfares, including Routes 22 and 23, as well as I-78 and I-476.
“The I-78/I-81 Industrial Corridor has strong fundamentals, with 1.6 million SF of positive net absorption year-to-date and an occupancy rate of 94%,” said Chris Massey, Managing Principal at Brennan Investment Group. “We are excited to add this investment to our Northeast portfolio, which is now approaching five million square feet in 14 submarkets throughout this region.”
“This acquisition demonstrates Brennan’s capability to acquire assets below replacement cost in strong infill locations while supporting our objective of delivering strong risk adjusted returns to our investors,” said Michael Brennan, Chairman and Managing Principal at Brennan Investment Group.