BUCKS AND LEHIGH COUNTIES, PA. — High Street Equity Advisors has acquired 18 industrial buildings in Bucks and Lehigh counties for $70.5 million from First Industrial Realty Trust.
Totaling 963,795 square feet, the acquisition consists of two portfolios: the Bucks County portfolio and the Lehigh County portfolio.
The Bucks County portfolio consists of 12 buildings totaling 649,634 square feet located at 2000, 2005, 2010, 2200, 2260-2270 and 3000 Cabot Blvd. in Langhorne; 180 Wheeler Ct. and 835 Wheeler Way in Langhorne; 2512, 2515 and 2540 Metropolitan Dr. in Trevose; and 4667 Somerton Way in Trevose. The portfolio is 93 percent occupied by 43 tenants and was purchased for $50.4 million.
The Lehigh County portfolio consists of six buildings totaling 314,161 square feet located at 964, 966 and 999 Postal Rd. and 7331, 7350 and 7377 William Ave. in Allentown. The portfolio is 94 percent occupied by 17 tenants and was purchased for $20.1 million.
The buildings from both portfolios were constructed between 1974 and 1989, and feature either concrete block and brick construction or metal construction with standing seam metal roofs.
The Boston-based buyer was represented in-house in the transaction.