John Palumbo Of Urban Residential Properties Acquires 11 Acre Industrial Site In Allentown For $16.2M

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.