Denholtz Properties’ newly acquired industrial portfolio in the Lehigh Valley includes 723,734 square feet across 18 buildings in Allentown and Bethlehem. — Courtesy: Denholtz
By Joshua Burd
Denholtz Properties has added more than 720,000 square feet of industrial space to its holdings in the region, acquiring an 18-building portfolio in Pennsylvania’s Lehigh Valley.
The firm, which is based in Red Bank, said the deal includes facilities along Route 22 in Allentown and Bethlehem, all of them with access to interstates 78 and 81. The transaction is the latest under a joint venture in which Denholtz plans to acquire and develop multitenant industrial properties across the United States, noting that the vast Lehigh Valley submarket is positioned for long-term stability with strong year-over-year rent growth and a limited supply of new construction.
Brad Ruppel and Tristan Cade of CBRE represented the seller, PennCap Properties, in the sale of the 723,734-square-foot portfolio. Terms were not disclosed.
“The Lehigh Valley’s favorable demographics and ease of access to substantial population centers across the eastern United States paired with a constrained new construction pipeline make it a highly desirable market for us,” said Mark Mahasky, director of acquisitions and capital transactions for Denholtz Properties. “We look forward to executing our time-tested asset management strategy across this portfolio to create a premier experience for the area’s tenants.”
