S.V.P. Matt Weilheimer & V.P. Davis Briones Arrange Exclusive Sale
Woodbridge, N.J., June 24, 2020 – The Kislak Company, Inc. announced the recent sale of two industrial properties at 2591 Mitchell Avenue and 2330 26th Street SW in Allentown, Lehigh County, Pennsylvania, for an undisclosed price.
Kislak marketed the properties on an exclusive basis on behalf of the seller, JD Allentown I and II, with senior vice president Matt Weilheimer handling the assignment. Vice president Davis Briones represented the purchaser, Mitchell Partners Group LLC. Both parties are new clients of the brokerage company. Mr. Weilheimer commented upon the sale: “The purchaser was focused on industrial investment and driven to purchase these properties because of yield.”
Built in 1971, the one-story Mitchell Avenue building, situated on 3.28 acres of land, contains 31,946 square feet of space and features 14-16’ ceiling heights, two loading docks, one drive-in door, and a covered canopy at the rear of the building.
Situated on 2.02 acres of land, the 26th Street SW single-story building was constructed in 1966 and contains 32,132 square feet of space which includes 16 ½’ and 18 ½’ ceiling height clearances in warehouse areas, four loading docks and one drive-in door.
Located in Pennsylvania’s third most populous city after Philadelphia and Pittsburgh, the Allentown properties were fully occupied at the time of the transaction by a single tenant in each. Surrounding land uses consist mainly of commercial, industrial and residential developments. Amenities within a five-mile radius include eateries, shopping centers, music, arts, theatre and sports attractions.
In 2016, Allentown was named by the Urban Land Institute as one of only six communities in the United States as a national success story due to its downtown redevelopment and transformation which has generated nearly $1 billion in new development projects as of April 2019.
The properties have easy access to major thoroughfares inclusive of Interstate 78, Route 309, US 22 and the Pennsylvania Turnpike at the Lehigh Valley Interchange. Nearby airports include Lehigh Valley International Airport (approximately 8 miles southwest), Trenton-Mercer Airport (roughly 57 miles southeast) and Philadelphia International Airport (approximately 72 miles south).
Matt Weilheimer joined Kislak in 1996 and is consistently among the firm’s leading salespeople. He specializes in the sale of apartment buildings, REO assets and other investment properties in New Jersey, New York, and Pennsylvania. He has won numerous sales production awards including the firm’s 2010 and 2015 Production awards.
Davis Briones joined Kislak in 2014 and specializes in the sale of multifamily and other investment properties in Hudson County, New Jersey. Mr. Briones received the firm’s 2016 Rising Star award.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 114th year, Kislak was among a select group of firms recognized as a 2019 Power Broker by CoStar Group, Inc. and this was the firm’s 14th consecutive recognition.