CenterPoint Expands East Coast Footprint with 1 MSF Acquisition in Lehigh Valley, PA
Posted By Staff Writers On April 23, 2021 @ 3:35 pm
OAK BROOK, IL – CenterPoint Properties has acquired a newly constructed million-square-foot facility in the Lehigh Valley/Allentown market at 951 Willowbrook Road in Northampton, PA. The Class A purchase marks CenterPoint’s entry into the Lehigh Valley market as it expands westward from its core foothold in the Northern New Jersey/New York market.
The distribution warehouse is an ideal modern e-commerce facility, featuring a 40-foot clear-height, ESFR sprinkler system and 149 dock doors. The building’s low coverage of the nearly 70-acre site allows for above-standard parking: 166 trailer stalls and 759 car stalls.
“This property jumped out to us as highly strategic given its core attributes, an abundance of parking and its central location within the Lehigh Valley,” said Bryan Won, CenterPoint’s Investment Officer. “E-commerce and even port users will find it to be a valuable addition to their supply chain for many years to come,” Won finished.
The Willowbrook property is particularly well-suited for retail and e-commerce distribution. It’s directly adjacent to one of the largest package delivery centers in the country and leased long-term to a global leader in transportation and logistics.
“We’re thrilled to extend our Northern New Jersey and New York footprint into the Lehigh Valley area with such a high-quality investment,” said CenterPoint Senior Vice President of Investments, PJ Charlton. “This is a trophy asset leased to a great tenant,” Charlton added. “We are excited to own it for the long term.”
John Plower and John Huguenard of JLL represented the seller in this transaction.
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About CenterPoint Properties
CenterPoint is an industrial real estate company made up of dedicated thinkers, innovators and leaders with the creativity and know-how to tackle the industry’s toughest challenges. And it’s those kinds of problems—the delicate, the complex, the seemingly-impossible—that we relish most. Because with an agile team, substantial access to capital and industry-leading expertise, those are exactly the kinds of problems we’re built to solve. For more information on CenterPoint Properties, visit centerpoint.com, follow @CenterPointProp on Twitter or engage with us on LinkedIn.