PHILADELPHIA – Transwestern Investment Group (TIG®), on behalf of Transwestern Strategic Partners Fund III (“TSP Fund III”), announces it has acquired 101 Commerce Drive in Hazelton, Pennsylvania. The 470,000-square-foot industrial distribution facility is fully leased to an undisclosed tenant.
“The acquisition complements our strategy to acquire highly functional assets below replacement cost in core major logistics markets across the country,” said Chris Sterling, Director of Acquisitions at TIG. “101 Commerce Drive’s location, which offers outstanding Interstate and port access, coupled with the building being fully leased, made this a very appealing opportunity.”
Situated in Northeast Pennsylvania’s Interstate 81 Industrial Corridor, the Class A asset is in proximity to various thoroughfares and major ports, including the Ports of New York and New Jersey, Baltimore, and Philadelphia. It offers access to Interstate 80 and Routes 924 and 309, allowing for distribution to 48% of the United States population and 60% of the Canadian population within a one-day drive.
Due to its prime location, Hazleton continues to experience significant demand for industrial space, which has led to strong net absorption and low vacancy rates. According to Transwestern research, the submarket ended the second quarter of 2023 with 1.8% vacancy and posted annual rent growth of 9.4%.
CBRE’s Northeast team brokered the deal.
Photos available for download here.
In October 2022, TIG announced the close of TSP Fund III. The fund closed with $325 million of commitments, the company’s largest fundraise to date, and focuses on diversified value-add investment and development opportunities in markets across the U.S. that are driven by strong job growth and global supply chains.
About Transwestern Investment Group
Transwestern Investment Group (TIG®) is a real estate investment adviser with approximately $5.0 billion of assets under management. The firm serves a broad range of institutional and high-net-worth investors with its full-service investment management and Transwestern’s integrated operating platform.
The privately held Transwestern companies have been delivering personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm strives to drive value for investors across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, the Transwestern companies extend its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.
This document does not constitute an offer, solicitation or recommendation to sell or an offer to buy any securities, investment products or investment advisory services. Any offer or solicitation will be made only pursuant to a confidential private placement memorandum and subscription documents (the “Offering Materials”) and will be subject to the terms and conditions contained in such Offering Materials.
Media Contact:
Molly McMurtry
713.231.1571
molly.mcmurtry@transwestern.com
twmediarelations@transwestern.com
