984 Marcon Boulevard
984 Marcon Boulevard
As exclusive agent, Cushman & Wakefield’s National Industrial Advisory Group is pleased to offer a 100% fee interest in 984 Marcon Boulevard for sale.
Revere is an invite-only digital network and deal marketplace for commercial real estate professionals, with $50 billion in deal volume launched this year.
Connect with 50,000+ professionals today
Gerard J. Blinebury, Jr., joined Cushman & Wakefield in 2001 and currently serves as Vice Chairman of the Industrial Brokerage Group and Partner in Cushman & Wakefield’s Industrial Advisory Group (IAG), specializing in the Industrial Asset Class throughout Eastern Pennsylvania. Mr. Blinebury has a broad range of experience working with institutional owners and corporate users throughout the I-81 and I-78 corridors as well as the Suburban Philadelphia Industrial Markets. This experience includes agency leasing, building sales, land sales, tenant/ buyer representation and the marketing of investment grade industrial buildings and industrial parks. Prior to joining Cushman & Wakefield, Mr. Blinebury was associated with Kissinger, Bigatel & Brower, a full-service real estate firm in State College, Pennsylvania.
- Property Type
- Industrial
- Deal Type
- Acquisition
- Risk Profile
- Value-Add
EXECUTIVE SUMMARY
984 Marcon represents an opportunity to acquire two industrial buildings on the same lot in the Lehigh Valley submarket, totaling 49,981 square feet and 100% leased to Morris Black & Sons, Inc and Sharps Compliance, Inc. Located just off U.S. Route 22 and minutes from I-78, the property is well-positioned in the center of the Lehigh Valley, within 90 miles of New York City and 60 miles of Philadelphia.
The Lehigh Valley has benefited from an expansive multi-directional highway network, a deep and affordable labor pool, and low occupancy costs resulting in more than 21 msf of positive absorption over the past three years. This positive absorption has resulted in a decrease in market vacancy from 9.3 percent as of Q4 2019 to 3.5 percent in Q4 2021. The buildings feature 21’-24’ clear heights, seven dock doors, three drive-in doors and ample parking. 984 Marcon Boulevard is 100% leased with a year one NOI of $531,674.
INVESTMENT HIGHLIGHTS
U.S. 22 Accessibility & Proximity to I-78
Ideally situated between New York City and Philadelphia and within a 5-hour drive of Boston, Washington DC, Pittsburgh and Baltimore.
Tenant & Building Quality
Morris Black & Sons, a 110-year old multi-faceted construction services company, occupies the larger building, while Sharps Compliance, a publicly traded medical waste disposal company, occupies the smaller building. 7 loading docks, 3 drive in doors, 21’- 24’ clear heights and ample parking.
Rent Upside Optionality
WALT of 2.7 years, with in place rents about $1.00 below market on average.
Favorable Market Dynamics
Lehigh Valley market vacancy has decreased from 9.3% in 4Q19 to 3.5% as of 4Q21. Average asking rent has increased by over $1.30/SF the past year with continued growth expected.