$185MM Mixed-Use Loan Sale | Washington, DC
US - Washington, DC
£147,314,000 | 488,801 sf
Jones Lang LaSalle Americas, Inc (“JLL”), has been retained on an exclusive basis to arrange the sale of Iron Run (the “Portfolio” or the “Offering”), consisting of 291,242 square feet of highly functional, superior quality flex, medical, showroom office and mission critical space in Allentown, PA. The four-building Portfolio is located in the most desirable location within the Lehigh Valley submarket which benefits from multi-directional highway access, a deep and sustainable labor pool, and access to the population hubs of the Northeast.
The Portfolio consists of prestigious local, national, and international firms such as ADT, Airgas USA, Johnson Controls, Versum Materials/Merck, Commonwealth of Pennsylvania, Clear Channel, and iQor. With a combined occupancy of 80% and weighted average lease term of 4.01 years, the Offering provides an opportunity to receive stable cash flow from existing tenants while creating substantial value through repositioning the buildings and re-tenanting the buildings targeting research, warehousing, manufacturing, and distributing uses as well as traditional office use.
Situated in the heart of Lehigh Valley, Iron Run is strategically positioned at the interchange of I-78/US 22 and PA Route 100, within minutes of the Lehigh Valley exit of the Northeast Extension of the Pennsylvania Turnpike, 10 minutes from Allentown, 90 minutes from Philadelphia and two hours from New York City.