Black Creek Group sells two buildings and acquires three


Black Creek Group, a Denver-based real estate investment manager, has sold two industrial buildings totalling 393,000 square feet, and has acquired three totalling 325,000 square feet in Pennsylvania. 

“Black Creek Group has been active within the region for a number of years and the completion of these transactions demonstrates our ability to perform and create value for investors,” says Dave Fazekas, Black Creek Group’s senior managing director for the Eastern Region. “Pennsylvania, specifically the Lehigh Valley submarket, has been a great area for us as we have experienced success in the region and are looking forward to continuing to be a player within the market.” 
 
The firm completed the disposition of two buildings located within the Lehigh Valley and Central Pennsylvania submarkets. The first building, a 188,000-square-foot industrial distribution warehouse, demonstrates the firm’s execution of its value-add strategy. The firm originally purchased the building vacant in May 2015 and completed a full-building lease shortly after the acquisition. The second building, a 205,000-square-foot industrial distribution asset, showcases the firm’s execution of development, leasing and disposition of a Class A building. 
 
In addition to disposing of the two industrial assets, the firm completed the acquisition of three industrial assets, bringing its Pennsylvania footprint to 4.6 million square feet and 97.4 per cent leased as of 31 December 2018. 
 
The firm acquired a 154,000-square-foot industrial distribution building in the Lehigh Valley submarket. The building is a 100 per cent leased to a single tenant. Additionally, the firm acquired a two-building light industrial portfolio totalling 171,000 square feet in the Greater Philadelphia Area. The buildings are 95 per cent leased with the current vacancy being actively marketed. All three buildings offer ideal locations within their respective markets as they are close to major distribution and transportation hubs. 

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