Lehigh Valley Nestle buildings among priciest sales in U.S.

The Lehigh Valley was home to two of the top 50 U.S. industrial sales in 2022 according to a report published by CommercialSearch, an online commercial real estate company. 

With most of the supply chain limitations caused by the pandemic being alleviated, trade and logistics are picking up the pace and investors are focusing on the most valuable industrial real estate assets across the country, the company said. 

CommercialSearch has ranked 2022’s priciest industrial property transactions and two Nestle properties in the Lehigh Valley were among the top.  

The $137.6 million sale of the 555 Nestle Way property ranked 39 among the 50 biggest industrial deals of 2022.  

The 1,045,153-square-foot building was bought for $132 per square foot on July 29,2022, by Ponte Gadea from Realty Income. 

The other industrial sale to rank among the 50 priciest industrial deals of 2022 was the $134.6 million sale of the property at 305 Nestle Way in Breinigsville.  

The property changed hands from One Rock Capital Partners to KKR in a deal that ranked 45 on the list. The 595,920-square-foot building was sold for $226 per square foot on Jan. 20, 2022. 

At a state level, Pennsylvania accounts for the second-largest group of deals by state, with seven of the top 50 sales located within the state. California accounts for the largest group, with 16 entries among the top 50. 

Overall, transactions of Philadelphia industrial space, of which the Lehigh Valley is a part, amounted to a total of nearly $2.7 billion worth of assets traded for an average of $121 per square foot in 2022.