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Light industrial buildings near LVIA sell for $26.7M

Stacy Wescoe//May 20, 2020

Light industrial buildings near LVIA sell for $26.7M

Stacy Wescoe//May 20, 2020//

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100 Cascade Drive was one of three buildings recently sold for $26.7 million. PHOTO SUBMITTED –

A three-building 380,000-square-foot portfolio of buildings on Cascade Drive in Hanover Township, Lehigh County has been sold to an investor for $26.7 million.

Michael Hines, Brad Ruppel, Brian Fiumra and Lauren Dawicki of National Partners of Upper Macungie negotiated the sale to the Brennan Investment Group on behalf of the seller, which was a joint venture between the Magellan Group and Drake Partners.

“Even during these unprecedented times, we are seeing a demand for functional infill space and no or minimal price adjustment,” Michael Hines vice chairman of CBRE said in a press release. “The sale of the light industrial portfolio further proves the desire to own in the Lehigh Valley.”

The buildings, 100, 202-208 and 212 Cascade Drive are near the Lehigh Valley International Airport and FedEx Ground’s Lehigh Valley Distribution Hub. All three are currently fully leased.