Woodmont Industrial Partners, a national developer and owner of industrial properties, today announced the acquisition of 2401 West Emmaus Avenue in Allentown, Pennsylvania. The site consists of a 91,350-square-foot building on 13.75 acres and is leased on a short-term basis. Woodmont Industrial Partners plans to re-position the site into a state-of-the-art Class A facility that will meet the market’s demand for industrial space as vacancies hit a record low.
“Pennsylvania’s Lehigh Valley is an incredibly attractive market for logistics and Allentown is at the heart of it as the site provides excellent proximity to I-78, the market’s main thoroughfare,” said Anthony Amadeo, Vice President at Woodmont Industrial Partners. “With the recent acquisition of 2401 West Emmaus Avenue, we’re thrilled to begin the redevelopment of a prime asset in an Opportunity Zone, and as we continue our strategic expansion in major corridors throughout the United States.”
Woodmont plans to apply for its redevelopment plan in early 2022, with an expected completion of a Class A facility in 2023.
Allentown, PA is located just over 60 miles from Philadelphia and represents an incredibly attractive industrial market in the outer rings of the city, offering easy access to the surrounding region and beyond due to proximity to I-78, one of the region’s most active thoroughfares. Propelled by the growth in on-line retail and domestic manufacturing, the demand for state-of-the-art industrial facilities in and throughout the northeast has served to further enhance the value of strategically located assets in the region.
Over the past year Woodmont Industrial Partners has executed several key acquisitions in the most active industrial growth markets in the country. Over the last 12 months, WIP has added over 3,500,000 square feet to its industrial development pipeline
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