Jaindl Land Co. acquires two properties for $8.4M

Brian Pedersen//January 12, 2015

Jaindl Land Co. acquires two properties for $8.4M

Brian Pedersen//January 12, 2015

Jaindl Land Co. of Orefield acquired two properties for $8.4 million and is looking to transform both sites into viable assets.

Developer David Jaindl said he acquired the properties from Lehigh Hanson, the successor of Lehigh Portland Cement.

One property is at 7660 Imperial Way, a 124,408-square-foot office building in the Iron Run Corporate Center near Interstate 78 and Route 100 in Upper Macungie Township. The other is a vacant property at 1900 Sullivan Trail in Forks Township, which formerly served as the headquarters of General Crushed Stone. The 22,000-square-foot structure requires total removal or renovation, Jaindl said.

Jaindl said he sees strong interest in office tenants looking to locate near the I-78 interchange.

“We like the Upper Macungie Township community as we have many successful projects in the township area,” Jaindl said.

His company is building a Lehigh Valley Health Network medical office building north on Route 100 from the new Jaindl 7660 building.

“These recent purchases and construction projects make a lot of sense as we have an appetite for income producing properties and feel the office market is strengthening in the Valley, particularly on the west side,” Jaindl said.

Tom and Debby Skeans of Sperry Van Ness/Imperial Realty in Hanover Township, Lehigh County, represented both the buyer and seller in the transaction.

With the transaction, the Imperial Way property will also get a new moniker. SVN Imperial will be representing Jaindl in leasing the “Jaindl 7660” building, the new name for the Iron Run office building and providing property management services.

Lehigh Hanson, the anchor corporate tenant, will lease back 55 percent of the 7660 Imperial Way building and the lease will extend for 10 years. Jaindl plans to upgrade the building, which covers a little more than 10 acres, and reposition it as a Class-A multi-tenant office building. He said 14,000 square feet of office space is available on the first floor and 30,000 square feet on the top floor. Planned exterior and interior improvements include new entry and lobby, interiors and glass wall entries to some suites.

Clear Channel Airports recently announced plans to move its company headquarters this year to an office building nearby and the Iron Run Park includes ADP, Hartford Insurance and other national tenants.

SVN Imperial will also represent Jaindl in the sale of 1900 Sullivan Trail as a redevelopment opportunity.

The property in Forks Township, near Easton is comprised of more than five acres of commercial land in Northampton County.