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John Palumbo Of Urban Residential Properties Acquires 11 Acre Industrial Site In Allentown For $16.2M
SOLD
$16,200,000
Pennsylvania
See Similar DealsIndustrial211,000 SF
Sold
SOLD
John Palumbo Of Urban Residential Properties Acquires 11 Acre Industrial Site In Allentown For $16.2M
1 Pump Place
See Similar DealsIndustrial211,000 SF
Sold
Summary
PENNSYLVANIA
Asset Type:Industrial
Price Per Square Foot:$76
Total Square Footage:211000 SF
Transaction Type:Sale
The industrial property located at 1 Pump Place spans 11 acres and includes a 200,000-square-foot warehouse along with an 11,000-square-foot office building. The sale took place in Allentown, PA, with a transaction price of $16.2 million, which corresponds to a price per square foot of $77.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $16,200,000
- Square Footage: 211,000
- Address: 1 Pump Place
- Market: Allentown, PA
John Palumbo, representing Urban Residential Properties, facilitated the transaction. The buyer's subsidiary, Lehigh River Development Corp. VI LLC, is actively engaged in mixed-use projects along Allentown’s riverfront, although specific future plans for the existing warehouse and office structures remain undecided.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$864,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$57,555.18
Cash-on-Cash Return-1.27%
Monthly Debt Service$76,796.26
Annual Debt Service$921,555.18
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