“This sale represented a rare opportunity to purchase a new single-tenant, triple-net Walmart with stable income stream with increases,” says Ed Hanley of Hanley Investment Group.
In central Pennsylvania's I-78/I-81 corridor, the 2018 vacancy rate has been about 6.1%, and net absorption is nearly 12.5 million square feet, according to Mike Hess, SIOR, of CBRE, who chaired the panel on the state of the submarkets.
President Trump may sign an executive order giving opportunity zone investments additional preferences in federal loan and grant funding, says Christopher Coes, vice president of land use and development, Smart Growth America.
Pollack Shores said the move fits within the firm's broader growth strategy, with Home at the Battery and several other assets recently hitting key benchmarks.
A joint venture of Turnbridge Equities, a New York City-based, privately held full-service real estate investment and development firm, and Harbor Group International, purchased the 540,103-square-foot property from PNY Technologies.
“The Lehigh Valley is one of the fastest-growing regions within the state of Pennsylvania, supported by significant job and resulting population growth,” says HFF's Chris Munley.