(Read more on the industrial market.)
LEHIGH VALLEY, PA-A partnership between Dallas-based Invesco Real Estate and Brandywine Realty Trust, which is based in Radnor, has sold a 14-building industrial portfolio aggregating nearly 1.2 million sf for approximately $70 million or nearly $60 per sf. The buyer is Los Angeles-based Cohen Asset Management Inc.
It was acquired on behalf of CAM Core+ Fund 1 LLC and another related entity and it marks Cohen's first major foray into Eastern Pennsylvania. Seven of the buildings, aggregating 628,719 sf, are in the Iron Run Business Park here. Five properties aggregating 353,560 sf are in King of Prussia, and one building each is in Lansdale and Langhorne.
Dan Mayock and Brian Fiumara of the Philadelphia-based Flynn Co. represented the seller, and Cohen spoke for itself. Mayock tells GlobeSt.com the overall occupancy within the portfolio "is a little in flux, but was around 85% at the close."
The buildings were completed between 1962 and 1991 and cover a variety of unit sizes, clear heights and loading options, according to Mayock. Each has a "best-in-class highway location," he adds. Among the portfolio's major tenants are Federal Express, GlaxoSmithKline, SKF USA, Siemens, Caterpillar Logistics and Air Products Corp.
Rent rates vary from market to market. A Lehigh Valley industrial broker tells GlobeSt.com the rates in Iron Run range from about $4.50 per sf to $5 per sf, triple net. According to sources, the rates in King of Prussia range between about $5.50 per sf and $7 per sf, triple net.
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