CBRE today announced the sale of LogistiCenterSM at 33, a 475,800 sq. ft. e-commerce facility located at 4200 East Braden Boulevard in Easton, Pennsylvania.
Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE National Partners spearheaded the marketing campaign and negotiated the sale transaction on behalf of the seller, a partnership which included PCCP, LLC.
The 2016-completed logistics facility was developed to market-leading specifications, including: tilt-up concrete panels; 36’ clear height; 69 dock-high; 3000 AMP electric service; ESFR fire suppression systems; and fully-adhered EPDM roof. The site’s design is ideal for optimization of high-throughput utilization, with two points of ingress/egress, full building circulation and substantial car and trailer parking on a 32-acre site.
“The I-78/I-81 industrial corridor, and specifically the Lehigh Valley, continues to demonstrate all of the fundamental requirements to make it a primary logistics destination for global tenancy and institutional capital alike,” said Mr. Hines. “A sustained,landlord-friendly supply and demand imbalance, surging replacement costs and protracted approval and entitlement process create the idyllic formula sought by savvy logistics investors who, as demonstrated by this transaction, are seeking bothlong-term projectable income and growth.”
The property is 100 percent occupied by Radial, Inc., an e-commerce third party logistics provider with 19 fulfillment centers across the United States. Like most logistics companies operating along the Route 33 corridor on the eastern side of the Lehigh Valley market, Radial’s site selection criteria was focused on the location’s abundant labor pool, access to the New York City metropolitan area and the Ports of New York and New Jersey and streamlined traffic patterns. The property is within nine miles of PA Route 33, US Route 22 and Interstate 78.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About PCCP, LLC: PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $11.6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 22-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $23.8 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
