Newly built industrial warehouse in Lehigh Valley sells for $54.5M
JLL Capital Markets completed the sale of 323 Logistics Drive, a 310,238 SF industrial building in Shoemakersville, PA
PHILADELPHIA, August 16, 2022 – JLL Capital Markets announced today that it has closed the $54.5 million sale of 323 Logistics Drive, a 310,238-square-foot industrial warehouse in Shoemakersville, Pennsylvania.
JLL marketed the property on behalf of a joint venture between The Keith Corporation and The Kiel Group.
Built in 2022, 323 Logistics Drive features best-in-class functionality including 36’ clear heights, 40 loading doors, two drive-ins, 185 parking spaces, 81 trailer stalls and 185’ truck court with 60’ concrete apron. The warehouse is occupied by two tenants, Revolve Group, an online fashion retailer, and Arcadian Crossing Consumer Products, a division of ArchPoint Group, which supplies regional and national retailers with private label and branded disposable tabletop and food storage solutions.
Positioned on 23.83 acres within Hamburg Commerce Park, the site is located along Route 61 providing access to Interstate 78 and the regions highway network. The property is under 120 miles from major Northeast cities, including Philadelphia and New York City, as well as Philadelphia International Airport, Newark Liberty International Airport, PhilaPort and Port of Newark-Elizabeth. In addition, tenants of 323 Logistics Drive further benefit from the region’s robust workforce of 165,000 within a 30-minute drive.
The JLL Capital Markets Investment Sales and industrial brokerage team representing the seller was led by John Plower and Ryan Cottone along with Jeff Lockard and Ryan Barros.
“The Hamburg submarket of the Lehigh Valley has continued to benefit from impressive leasing velocity, strong rental rate growth and has and continued interest from the investment community,” said Plower. “The Keith Corporation and Kiel Group have been thoughtfully developing the master planned park with best-in-class designs and specifications.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Keith Corporation
The Keith Corporation is a privately held, full-service commercial real estate firm. Headquartered in Charlotte, N.C., TKC has projects in 36 states, Mexico, Australia, Canada, and the United Kingdom. Developing over $4.4 billion worth of commercial real estate over the course of more than 400 projects, totaling in excess of 44 million square feet for a highly diverse clientele, The Keith Corporation has developed a reputation based on expertise, accountability, and total client satisfaction on projects.
About The Kiel Group
Prior to founding the Kiel Group in May 2016, Bob Kiel was a senior vice president with Liberty Property Trust where his primary responsibilities were to the Lehigh Valley and Central Pennsylvania markets. During his career with Liberty, he also opened and managed offices in Chicago, Minneapolis, Milwaukee and Michigan. With over 30 years of experience in commercial real estate with a primary focus on industrial properties, Bob, managing principal of Kiel Group, has managed hundreds of projects through entitlements, master planning, development and leasing. In total, Bob has developed over 30,000,000 square feet of distribution and manufacturing facilities.