CRG Sells 449,500 SF Industrial Facility at The Cubes at Lehigh Valley Near Allentown, Pa.
Prologis acquired the fully leased warehouse located on 40 acres in East Allen Township
Allentown, PA (Jan. 16, 2024) — CRG, the national real estate development and investment management firm, today announced the sale of a 449,500-square-foot Class A industrial warehouse in The Cubes at Lehigh Valley, a 40-acre development located at 7378 Airport Road in Bath, Pa. San Francisco-based Prologis, a real estate investment trust, purchased the property, which was developed speculatively as part of CRG’s U.S. Logistics Fund I (USLF I) and subsequently leased to Smart Warehousing.
Located 60 miles west of the Port of Newark and near FedEx’s largest ground hub at Lehigh Valley International Airport, The Cubes at Lehigh Valley offers direct access to major transportation routes, including U.S. Route 22, I-78, and I-476.
“Real estate investors in the industrial sector are discerning. This sale underscores the strength of The Cubes brand and our Northeast industrial development strategy,” said Frank Petkunas, EVP and partner of the Northeast region at CRG. “We plan to continue capitalizing on the Northeast market’s strength by pursuing similar development opportunities in the region, leveraging labor, infrastructure, and location advantages.”
The Cubes at Lehigh Valley warehouse acquired by Prologis features a 40-foot clear height, 310-foot building depth, high-efficiency LED lighting, 45-mil TPO roof system, ESFR fire sprinkler system, 42 (9×10) dock-high doors, four (14×16) grade-level doors, 111 trailer parking stalls and 237 auto parking stalls. CRG’s parent company, Clayco, served as the design-builder on the project, and CRG’s integrated partner, Lamar Johnson Collaborative, was the architect.
“Prologis was the perfect buyer for this asset,” said Shawn Clark, chief executive officer of CRG. “The sale was a successful outcome for CRG and our inaugural fund, U.S. Logistics Fund I. It represents the last asset remaining from the fund we launched in 2018 and solidifies a substantial return for our valued investors.”
JLL’s John Plower and his team represented CRG in the transaction.
CRG has planned, broken ground on, or completed over 55 million square feet of industrial projects, serving tenants such as Amazon, Lowe’s, and McKesson. In the Northeast region, CRG is also developing The Cubes at Plainville, a 662,500-square-foot industrial project in Plainville, Mass., and The Cubes at Gilboa, a 1,002,500-square-foot industrial project in Douglas, Mass.
CRG is a privately owned North American real estate development and investment firm founded in 1993 with deep expertise in delivering and owning industrial, office, multifamily, student housing, and mixed-use assets. The firm serves clients and investors from eight regional offices, benefiting from local expertise in Chicago, St. Louis, Seattle, SoCal, Indianapolis, Phoenix, Philadelphia, and Atlanta. CRG has developed over 12,500 acres of land and delivered over 220 million square feet of assets exceeding $14 billion in value. For more information, visit CRG’s website at www.realcrg.com.
About The Cubes:
The Cubes is a North American industrial brand owned and developed by CRG. The Cubes represents CRG’s philosophy of developing for the future and anticipating the enhanced needs of tomorrow’s modern industrial users. The Cubes are designed with an emphasis on sustainability and implement state-of-the-art specifications, including maximum clear heights, dock doors, and trailer storage to keep pace with the shift to consumer-centric logistic strategies. The Cubes are located in strategic locations that take into consideration both logistics and labor supply, always with the end user in mind.