May 13, 2020
Chicago-based Brennan Investment Group has announced the acquisition of a three-building industrial portfolio, totaling 380,274 square feet in Pennsylvania’s Lehigh Valley, for an undisclosed sum. 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 I-78/I-81 Industrial Corridor has strong fundamentals, with 1.6 million square feet of positive net absorption year-to-date and an occupancy rate of 94%,” said Chris Massey, managing principal at Brennan . “We are excited to add this investment to our Northeast portfolio, which is now approaching five million square feet.”
For comments, questions or concerns, please contact Paul Bubny