A partnership between Lancaster-based Benchmark Real Estate, a real estate development and construction company, and New York City-based Regal Ventures, a real estate investment manager targeting infill retail and small bay/flex industrial assets, recently purchased a 85,053-square-foot industrial building in Easton, for an undisclosed amount.
The property, situated on a 12.4-acre parcel, was built in 1972 and renovated in 1993. It is fully occupied by Human Active Technology (HAT), a designer and manufacturer of ergonomic workspace solutions for office, retail and other commercial environments.
The facility is a steel-framed building with one grade-level door and five dock-height doors in the Forks Industrial Park, an industrial and manufacturing development in Forks Township. The partners plan an approximately 70,000-square-foot expansion that will enable HAT to conduct distribution on-site.
“We are excited to partner with HAT as they continue their impressive growth trajectory,” Mike Callahan, Benchmark Real Estate managing partner, said. “By recognizing early that HAT’s expanding operations had outgrown their existing footprint, we were able to work with HAT’s plans to present a solution to consolidate local, off-site operations and create meaningful value for both the tenant and the asset.”
Vacancies in the 20,000-to-100,000-square-foot segment of the Lehigh Valley are below four percent.