Kaiser Business Park, 525 Kaiser Drive, Folcroft, PA
ALLENTOWN, FOLCROFT, AND CARLISLE, PA—Denver, CO-based Black Creek Group, a real estate investment manager and development firm with a 25-year history, has sold two Pennsylvania industrial buildings totaling 393,000 square feet and acquired three different industrial properties totaling 325,000 square feet. The transactions bring Black Creek's Pennsylvania footprint to 4.6 million square feet and 97.4 percent leased as of December 2018.
“Black Creek Group has been active within the region for a number of years and the completion of these transactions demonstrates our ability to perform and create value for investors,” says Dave Fazekas, Black Creek Group's senior managing director for the Eastern Region. “Pennsylvania, specifically the Lehigh Valley submarket, has been a great area for us as we have experienced success in the region and are looking forward to continuing to be a player within the market.”
Black Creek sold the 188,000 square-foot Iron Run Distribution Center, 1100 Mill Road, Allentown, PA, which it originally purchased vacant in May 2015. Black Creek completed a full-building lease shortly after the acquisition. According to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions, the property was sold by IPT, a fund managed by Black Creek, to Buckhead 1100 Mill Rd LLC for $21 million.
It also sold the 205,000 square-foot 5 Logistics Drive, Carlisle, PA, to ILPT REIT for $20 million, according to Real Capital Analytics. Black Creek acquired two buildings in Kaiser Business Park, Folcroft, PA, totaling 171,000 square feet, which are 95-percent leased with the current vacancy being actively marketed. It also acquired 7055 Ambassador Drive, Allentown PA, a 154,000 square-foot asset, from High Street Realty, for $15.3 million, according to the Real Capital Analytics data. 7055 Ambassador Drive is fully leased to a single tenant.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
