Money

Indus Realty Trust Inc., a developer of industrial properties and warehouses, has completed the purchase of land off the American Parkway in Allentown for $3.9 million.

Indus said in a statement that it acquired the 23 acres for a planned 206,000-square-foot industrial/logistics building. A company spokesperson confirmed that the address is 1115 American Parkway.

The land is between the intersection leading to Coca-Cola Park, home of the IronPigs baseball team, and Business Park Lane.

Based on the Indus statement, the price per acre for the land was about $170,000.

The Lehigh Valley Planning Commission has criticized warehouse development along the Parkway, citing the potential for hurting the value of a large office property nearby. The St. Luke's University Health Network has more than 1,000 employees in a building at 1110 American Parkway.

The trucking and warehouse industry are often criticized at public meetings, but the industries employ about one in 10 Lehigh Valley workers, according to a study.

Indus has other properties in the area. In August, the company announced a plan to buy 10.6 acres in the region for $2.25 million, without identifying the site. A South Whitehall Township lot of that size has been proposed for a 91,000-square-foot warehouse, the same size noted in the Indus statement.

At that time, Indus Chief Executive Officer Michael Gamzon said in a statement that the Lehigh Valley is "a market that continues to experience rent growth."

As of Dec. 31, New York City-based Indus had 35 industrial and warehouse buildings covering about 5.2 million square feet total.

 
 
 
 
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