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Boston REIT Pays Nearly $71M for 18 Buildings

LANGHORNE, PA.-High Street acquires more than 964,000 sf in light industrial and R&D Flex buildings Bucks County and Lehigh Valley portfolios.

By Casey Freeman | Updated on August 01, 2008

[IMGCAP(1)]LANHORNE, PA-A REIT from Boston paid $70.5 million for 18 class B office, light industrial and R&D Flex buildings totaling 963,795 sf in two different portfolios in Bucks County and Lehigh Valley. High Street Equity Advisors, a Boston-based REIT, made the acquisition to boost the firm’s holdings to 26 properties and 1.4 million sf in Pennsylvania.

Representatives from High Street could not be reached for comment. However, Dan Coughlin, CEO of High Street wrote in a recent white paper titled Industrial Assets in a Recession, “the current market does not suffer from an oversupply of space. In fact, the industrial market has usually maintained a relative balance, as the product can be started and stopped with a very short lead time.”

[IMGCAP(2)]Plans for capital improvements and upgrades are in the works, but sources did not provide specifics or timelines. At the moment of the transaction, the Bucks County portfolio was 93% occupied by 43 tenants and the Lehigh Valley portfolio was 94% occupied by 17 tenants.

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