MARYLAND
PA
WASHINGTON, D.C.
VIRGINIA
NJ
DE
NY
70 Mi les
Lorem ipsum
50 Mi les
ALEXANDRIA
DOVER
WILMINGTON
FREDERICK
HAGERSTOWN
BALTIMORE
TOWSON
ATLANTIC CITY
CAPE MAY
LONG ISLANDNEW YORK
KING OF PRUSSIA
YORK
HARRISBURG
WILKES-BARRE BRIDGEPORT
YONKERS
REHOBOTH BEACH
STATE COLLEGE
GETTYSBURG
PHILADELPHIA
LEHIGH VALLEY
OFFERING MEMORANDUMNET LEASE ADVISORY
THREE PROPERTY PORTFOLIO
LEHIGH VALLEY, PA
Holliday Fenoglio Fowler, L.P. (“HFF”) has been engaged by the owner of Lehigh Valley CVS Portfolio to market for sale. Information concerning the property described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.
P H I L A D E L P H I A | 1700 Market Street | Suite 3232 | Philadelphia, PA 19103
MARC MANDELManaging Director
[email protected] Investment Advisory
MICHAEL PAGNIUCCI Director
Financing Advisor
STEVE SCHRENKDirector
[email protected] Advisory
MICHAEL DICOSIMO Director
Investment Advisory
EXCLUSIVE MARKETING ADVISORS
INVESTMENT SUMMARY 01
PORTFOLIO HIGHLIGHTS 02
ALLENTOWN CVS
HELLERTOWN CVS
BETHLEHEM CENTER
04
08
12LOCATION OVERVIEW 18
CVS TENANT PROFILE 03
1C V S Po r t fo l i o · L e h i g h Va l l e y, PA
Holliday Fenoglio Fowler, L.P. (“HFF”) Net Lease Advisory is pleased to exclusively offer a premier net lease opportunity to acquire three long term CVS Pharmacy locations (the “Properties”), located in The Lehigh Valley, Pennsylvania. These Properties may be purchased as a portfolio or on an individual basis. Positioned approximately 75 miles to the West of New York City and approximately 50 miles to the Northwest of Philadelphia, the Lehigh Valley is the fastest growing and third most populous region in the State of Pennsylvania.
Located in Allentown, Bethlehem and Hellertown respectively, the properties are irreplaceable real estate that will have long term value growth with base rents for CVS that are set to current market rental rates at an average of $17.98 PSF. CVS Pharmacy is a stable investment grade (BBB+ by Standard and Poor’s/ BAA1 by Moody’s) tenant with a market cap of over $74 billion. Recently, CVS Health and Aetna announced a merger between the two companies which will strengthen their competitive positions in the market.
INVESTMENT SUMMARY
ADDRESS PRICE CAP RATE SIZE (SF)TOTAL ANNUAL
RENT/ NOIRENT/SF SITE AREA
CVS LEASE EXPIRATION
1802 Lehigh Street Allentown, PA
$3,140,000 5.00% 10,000 $157,000 $15.70 1.02 Acres 12/31/2037
1332 Main Street Hellertown, PA
$3,440,000 5.00% 10,000 $172,000 $17.20 0.56 Acres 12/31/2037
327 Woodlawn Ave Bethlehem, PA
$5,739,872 5.50% 18,365 $315,693 $17.19 1.10 Acres 12/31/2037
Portfolio Total $12,319,872 5.23% 38,365 $644,693
A c t u a l Pro p e r t y P h o to
47678
145
145
946
33
22
78
222
378
78
22
22
78
LEHIGH UNIVERSITY
PENN STATE LEHIGH VALLEY
MORAVIAN COLLEGE
MUHLENBERG COLLEGE
LEHIGH VALLEYINTERNATIONAL
AIRPORT
Allentown
Hellertown
Bethlehem
PARKPARKBETHLEHEM
ALLENTOWN
HELLERTOWN
WHITEHALL
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PORTFOLIO INVESTMENT HIGHLIGHTS
P O RT FO L I O H I G H L I G H T S
• CVS Pharmacy has been a long term tenant at each location and recently executed 20 year lease extensions showing their commitment to each location
• Investment Grade Credit Tenant- rated BBB+ by Standard & Poor’s• Lower price point for CVS Pharmacies allows for a rare opportunity to purchase well-located
net leased assets at or below replacement costs
O F F E RS E N CO U R AG E D FO R I N D I V I D UA L O F F E RS A S W E L L A S P O RT FO L I O B I D S
C V S Po r t fo l i o · L e h i g h Va l l e y, PA 3
TENANT PROFILE
C V S O V E R V I E W
CVS is the largest healthcare provider in the U.S.
with more than 250,000 employees and over 9,700
stores. CVS Pharmacy serves over 5 million customers
a day and has a market cap of over $74 billion. CVS
sells prescription drugs and a wide assortment of
general merchandise, including over-the-counter
drugs, beauty products and cosmetics, film and photo
finishing services, seasonal merchandise, greeting
cards, and convenience foods through their CVS
Pharmacy and Longs Drugs retail stores and online
through CVS.com. It also provides healthcare services
through its more than 1,100 Minute Clinic medical
clinics as well as their Diabetes Care Centers. Most of
these clinics are located within CVS stores. The Minute
Clinic boasts 34,000,000 patient visits annually and
records $40 billion in specialty drug revenue. CVS
operates through the following segments: Pharmacy
Services, Retail or Long Term Care, and Corporate.
The company was founded by Stanley P. Goldstein
and Ralph Hoagland in 1963 and is headquartered in
Woonsocket, RI.
Rating Agency Rating
M O O DY’S BA A1
STA N DA R D & P O O R'S B B B+
Market Cap. (B) $
M A R K E T C A P. (B) $ $74.006
In December CVS Health announced that its merger
with Aetna. Aetna is one of the nation’s leading
diversified health care benefits companies. This
transaction fills an unmet need in the current health
care system and presents a unique opportunity to
redefine access to high-quality care in lower cost,
local settings whether in the community, at home,
or through digital tools. “This is the next step in
our journey, positioning the combined company to
dramatically further empower consumers. Together
with CVS Health, we will better understand our
members’ health goals, guide them through the
health care system and help them achieve their best
health,” said Mark T. Bertolini, Aetna chairman and
CEO.
Together, CVS Health and Aetna will be a trusted
community partner who will help consumers better
manage the cost of the health care they need. The
combined company will also be well positioned to
more effectively meet the health needs of many more
people.
T O L E A R N M O R E A B O U T T H E M E R G E R , S E E A R T I C L E S I N T H E L I N K B E L O W :
• F O R T U N E .C O M : C V S - A E T N A M E R G E R
• N Y T I M E S : C V S - A E T N A M E R G E R
• C N N : C V S - A E T N A M E R G E R
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ALLENTOWN CVS INVESTMENT HIGHLIGHTS
P RO P E RT Y H I G H L I G H T S
• Located at a signalized intersection on Lehigh St with traffic counts over 15,000 VPD, and less than 1 mile to Highway I-78
• Dense Population with over 125,000 people in 3-Mile Radius and continued projected population growth
• Strong surrounding retailers include: Home Depot, Wawa, IHOP, Arby’s, Dollar Tree, Family Dollar, and Enterprise Rent-A-Car
• Drive-thru location
CLICK HERE TO VIEW
PROPERTY VIDEO
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CVS ALLENTOWN1802 LEHIGH STREET ALLENTOWN, PA
Lessee Pennsylvania CVS Pharmacy LLC, a wholly owned CVS subsidiary
Branded As CVS Pharmacy
Size 10,000
Lot Area 1.02 Acres
Current Rent $157,000
Rent/SF $15.70
Lease Type NN
Lease Commencement 4/3/1996
Remaining Lease Term 20 years
Lease Expiration 12/31/2037
Remaining Options Two (2), Five (5) Year Options
Landlord Responsibility
Roof and Structure (New roof installed Oct, 2012 with a 15 year roof warranty)
A c t u a l Pro p e r t y P h o to
CVS ALLENTOWN LEASE ABSTRACT
TENANT RESPONSIBILITY DETAIL
Maintenance
The tenant at its sole cost and expense shall take good care of the premises, shall replace all broken glass, and shall do the work required to maintain the premises and the fixtures and equipment including the plumbing, electrical, HVAC, and fire sprinkler systems located in the building. Tenant shall also be responsible for any necessary painting and cleaning of the exterior, cleaning and maintaining the parking areas and sidewalks (including resealing and restriping) , removing ice and snow and for landscaping.
Utilities Tenant is responsible at its own cost for all utilities furnished to the premises.
TaxesTenant agrees to reimburse the landlord for all real estate taxes and assessments levied against the premises land and building for each tax fiscal year of the term of this lease.
InsuranceTenant agrees to reimburse the landlord for costs incurred to maintain the insurance policies.
RENT SCHEDULE
DESCRIPTION DATES ANNUAL RENT
Base Term Years 1-20 1/1/2018-12/31/2037 $157,000
First Option Years 21-25 1/1/2038-12/31/2043 $164,850
Second Option Years 26-30 1/1/2044-12/31/2049 $173,093
* Lease Extension executed on 11/28/2017 with a new 20 year term to commence on 1/1/2018 and expire on 12/31/2037
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CVS ALLENTOWN IMMEDIATE MARKET
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ALLENTOWN DEMOGRAPHICS
POPULATION BY RACE1 MILE 3 MILE 5 MILE
White 54.39% 56.23% 65.55%Black/African American
12.25% 12.63% 9.98%
American Indian/Alaskan Native
0.41% 0.78% 0.56%
Asian 1.78% 1.90% 3.07%Native Hawaiian/Pacific Islander
0.05% 0.05% 0.05%
Some Other Race 26.56% 23.18% 16.48%Two or More Races 4.57% 5.22% 4.30%
POPULATION 1 MILE 3 MILE 5 MILE
2010 Census 9,959 125,217 211,8562018 Estimate 10,358 128,357 219,1262023 Projection 10,602 130,116 223,154
HOUSEHOLDS1 MILE 3 MILE 5 MILE
2010 Census 4,000 45,750 80,8872018 Estimate 4,038 46,394 82,8162023 Projection 4,095 46,871 84,070
POPULATION GROWTH1 MILE 3 MILE 5 MILE
Historical Growth: 2010 to 2018
4.01% 2.51% 3.43%
Projected Growth: 2018 to 2023
2.36% 1.37% 1.84%
HOUSEHOLD INCOME1 MILE 3 MILE 5 MILE
2018 Average Household Income
$55,598 $61,091 $75,447
2018 Median Household Income
$44,297 $45,189 $54,495
AGE BY GENDER1 MILE 3 MILE 5 MILE
Male 5,010 62,401 106,286Female 5,348 65,955 112,840
HOUSEHOLD GROWTH1 MILE 3 MILE 5 MILE
Historical Growth: 2010 to 2018
0.95% 1.41% 2.38%
Projected Growth: 2018 to 2023
1.41% 1.03% 1.51%
A c t u a l Pro p e r t y P h o to
A c t u a l Pro p e r t y P h o to
8C V S Po r t fo l i o · L e h i g h Va l l e y, PA
HELLERTOWN CVS INVESTMENT HIGHLIGHTS
CLICK HERE TO VIEW
PROPERTY VIDEO
P RO P E RT Y H I G H L I G H T S
• Attractive demographics with Above Average Household Income over $81,000 in the 1-Mile Radius.
• Entrenched neighborhood location on Main St, less than 0.5 Miles to Highway I-78 Interchange.
• Recent roof replacement providing next owner a new roof with long term warranty.
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HELLERTOWN LEASE ABSTRACT
A c t u a l Pro p e r t y P h o to
TENANT RESPONSIBILITY DETAIL
Maintenance
The tenant at its sole cost and expense shall take good care of the premises, shall replace all broken glass, and shall do the work required to maintain the premises and the fixtures and equipment including the plumbing, electrical, HVAC, and fire sprinkler systems located in the building. Tenant shall also be responsible for any necessary painting and cleaning of the exterior, cleaning and maintaining the parking areas and sidewalks (including resealing and restriping) , removing ice and snow and for landscaping.
Utilities Tenant is responsible at its own cost for all utilities furnished to the premises.
TaxesTenant agrees to reimburse the landlord for all real estate taxes and assessments levied against the premises land and building for each tax fiscal year of the term of this lease.
InsuranceTenant agrees to reimburse the landlord for costs incurred to maintain the insurance policies.
RENT SCHEDULE
DESCRIPTION DATES ANNUAL RENT
Base Term Years 1-20 1/1/2018-12/31/2037 $172,000
First Option Years 21-25 1/1/2038-12/31/2043 $180,600
Second Option Years 26-30 1/1/2044-12/31/2049 $189,630 * Lease Extension executed on 11/28/2017 with a new 20 year term to commence on 1/1/2018 and expire on 12/31/2037
CVS HELLERTOWN1332 MAIN STREET HELLERTOWN, PA
Lessee Pennsylvania CVS Pharmacy LLC, a wholly owned CVS subsidiary
Branded As CVS Pharmacy
Size 10,000
Lot Area 0.56 Acres
Current Rent $172,000
Rent/SF $17.20
Lease Type NN
Lease Commencement 4/3/1996
Remaining Lease Term 20 years
Lease Expiration 12/31/2037
Remaining Options Two (2), Five (5) Year Options
Landlord Responsibility
Roof and Structure (New roof installed June, 2012 with a 15 year roof warranty)
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CVS HELLERTOWN IMMEDIATE MARKET
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HELLERTOWN DEMOGRAPHICS
POPULATION BY RACE1 MILE 3 MILE 5 MILE
White 87.40% 73.38% 77.71%Black/African American
3.19% 8.05% 6.82%
American Indian/Alaskan Native
0.12% 0.38% 0.32%
Asian 4.47% 3.37% 2.85%Native Hawaiian/Pacific Islander
0.00% 0.04% 0.06%
Some Other Race 2.68% 10.90% 8.73%Two or More Races 2.15% 3.89% 3.51%
POPULATION 1 MILE 3 MILE 5 MILE
2010 Census 7,399 46,408 116,9112018 Estimate 7,723 47,219 118,6032023 Projection 7,912 47,801 119,853
HOUSEHOLDS1 MILE 3 MILE 5 MILE
2010 Census 3,295 16,699 44,9732018 Estimate 3,435 17,014 45,6722023 Projection 3,516 17,226 46,158
POPULATION GROWTH1 MILE 3 MILE 5 MILE
Historical Growth: 2010 to 2018
4.38% 1.75% 1.45%
Projected Growth: 2018 to 2023
2.45% 1.23% 1.05%
HOUSEHOLD INCOME1 MILE 3 MILE 5 MILE
2018 Average Household Income
$81,748 $74,325 $82,370
2018 Median Household Income
$64,297 $52,097 $61,060
AGE BY GENDER1 MILE 3 MILE 5 MILE
Male 3,692 23,460 58,068Female 4,031 23,759 60,536
HOUSEHOLD GROWTH1 MILE 3 MILE 5 MILE
Historical Growth: 2010 to 2018
4.25% 1.89% 1.55%
Projected Growth: 2018 to 2023
2.36% 1.25% 1.06%
A c t u a l Pro p e r t y P h o to
A c t u a l Pro p e r t y P h o to
1 2C V S Po r t fo l i o · L e h i g h Va l l e y, PA
BETHLEHEM STRIP CENTER INVESTMENT HIGHLIGHTS
P RO P E RT Y H I G H L I G H T S
• Strong demographics with 97,000 people in a 3 mile radius with $78,000 in Average Household Income.
• Located two miles from Lehigh University, recently ranked #46 in the 2018 Ranking of Best Colleges in the Nation by US News.
• Long term tenancy- both CVS and Portal Games and Comics have successful businesses at the location, Portal Games has a strong local following proven by their recent expansion of gaming space.
CLICK HERE TO VIEW
PROPERTY VIDEO
1 3C V S Po r t fo l i o · L e h i g h Va l l e y, PA
BETHLEHEM CASH FLOW
NOTES:[1] All pricing is based on rent beginning July 2018
For the Year Ending Year 1
Jul-18 [1]
Rental Revenue
CVS $284,000
Portal Comics $36,000
KN Nail Spa $18,000
Total Rental Revenue $338,000
CVS Expense Reimbursement Revenue $40,133
Effective Gross Revenue $378,133
Insurance $9,030
Taxes $42,164
Utilities $136
Snow Removal $3,260
Lot Maintenance $2,850
Miscellaneous Repairs $5,000
Total Operating Expenses $62,440
Net Operating Income $315,693
1 4C V S Po r t fo l i o · L e h i g h Va l l e y, PA 1 4
BETHLEHEM CVS LEASE ABSTRACT
A c t u a l Pro p e r t y P h o to
TENANT RESPONSIBILITY DETAIL
Maintenance
The tenant at its sole cost and expense shall take good care of the premises, shall replace all broken glass, and shall do the work required to maintain the premises and the fixtures and equipment including the plumbing, electrical, HVAC, and fire sprinkler systems located in the building.
CAM Pro rata share
Utilities Tenant is responsible at its own cost for all utilities furnished to the premises.
TaxesTenant agrees to reimburse the landlord its pro rata share of real estate taxes and assessments levied against the premises land and building for each tax fiscal year of the term of this lease.
InsuranceTenant agrees to reimburse the landlord for its pro rata share of costs incurred to maintain the insurance policies.
RENT SCHEDULE
DESCRIPTION DATES ANNUAL RENT
Base Term Years 1-20 1/1/2018-12/31/2037 $284,000
First Option Years 21-24 1/1/2038-12/31/2042 $306,720
* Lease Extension executed on 11/28/2017 with a new 20 year term to commence on 1/1/2018 and expire on 12/31/2037
CVS BETHLEHEM327 WOODLAWN AVE BETHLEHEM, PA
Lessee Pennsylvania CVS Pharmacy LLC, a wholly owned CVS subsidiary
Branded As CVS Pharmacy
Size 13,500
Lot Area 1.10 Acres
Current Rent $284,000
Rent/SF $21.03
Lease Type NN
Lease Commencement 8/12/1995
Remaining Lease Term 20 years
Lease Expiration 12/31/2037
Remaining Options One (1), Four (4) Year Option
Landlord Responsibility
Roof and Structure (New roof installed June, 2012 with a 15 year roof warranty)
All outlined Parcels are included in the sale
1 5C V S Po r t fo l i o · L e h i g h Va l l e y, PA
BETHLEHEM LEASE ABSTRACTS
THE PORTAL COMICS AND GAMING
Lessee The Portal Comics and GamingBranded As Portal Comics and GamingSize 2,965Current Rent $36,000Lease Type GrossLease Commencement 7/1/2013Remaining Lease Term 5.5 YearsLease Expiration 6/31/2023
TENANT RESPONSIBILITY DETAIL
Maintenance
Lessee shall keep all non-structural elements in the interior of the premises and all fixtures in good order and repair and will make all replacements thereto at its sole cost and expense. Lessee shall also obtain and maintenance contract for HVAC unit and perform routine maintance which shall not exceed $300 per lease year.
RENT SCHEDULEDESCRIPTION DATES ANNUAL RENTCurrent Term Years 6-10 7/1/2018- 6/31/2023 $36,000
* Lease Extension executed on 12/13/2017 with a new 5 year term to commence on 7/1/2018 and expire on 6/31/2023
RENT SCHEDULEDESCRIPTION DATES ANNUAL RENTBase Term Year 1 3/1/2017-2/28/2018 $12,000
Base Term Years 2-5 3/1/2018-2/28/2022 $18,000 Option Years 6-10 3/1/2022-2/28/2027 $19,800
KN NAIL SPA
Lessee Khoa D. Pham
Branded As KN Nail Spa
Size 1,900Current Rent $12,000 Lease Type Gross
Lease Commencement 3/1/2017
Remaining Lease Term 5 YearsLease Expiration 2/28/2022Remaining Options One (1), Five (5) Year Option
Portal Comics and Gaming aims to provide the best and most complete experience for their patrons to partake in gaming events and to enjoy comics. They have created an atmosphere for like minded people to share ideas. Their knowledgeable and welcoming staff know the comic and gaming industry in-depth, providing information about a product beyond its sale. For more information please see link below to their website: The Portal Comics and Gaming
KN Nail Spa For more information please see link below to their website: KN Nail Spa Reviews
1 6C V S Po r t fo l i o · L e h i g h Va l l e y, PA
BETHLEHEM IMMEDIATE MARKET
1 7C V S Po r t fo l i o · L e h i g h Va l l e y, PA
BETHLEHEM DEMOGRAPHICS
POPULATION BY RACE1 MILE 3 MILE 5 MILE
White 78.42% 74.14% 75.45%Black/African American
7.06% 8.13% 7.42%
American Indian/Alaskan Native
0.29% 0.35% 0.31%
Asian 1.44% 3.04% 3.40%Native Hawaiian/Pacific Islander
0.06% 0.07% 0.07%
Some Other Race 9.17% 10.38% 9.77%Two or More Races 3.56% 3.89% 3.59%
POPULATION 1 MILE 3 MILE 5 MILE
2010 Census 20,252 97,841 159,1522018 Estimate 19,904 98,373 161,5302023 Projection 19,827 99,014 163,262
HOUSEHOLDS1 MILE 3 MILE 5 MILE
2010 Census 8,342 38,181 61,7492018 Estimate 8,217 38,488 62,6662023 Projection 8,186 38,769 63,328
POPULATION GROWTH1 MILE 3 MILE 5 MILE
Historical Growth: 2010 to 2018
-1.72% 0.54% 1.49%
Projected Growth: 2018 to 2023
-0.39% 0.65% 1.07%
HOUSEHOLD INCOME1 MILE 3 MILE 5 MILE
2018 Average Household Income
$73,712 $78,461 $82,818
2018 Median Household Income
$55,907 $58,489 $61,486
AGE BY GENDER1 MILE 3 MILE 5 MILE
Male 9,354 47,779 78,614Female 10,550 50,594 82,916
HOUSEHOLD GROWTH1 MILE 3 MILE 5 MILE
Historical Growth: 2010 to 2018
-1.50% 0.80% 1.49%
Projected Growth: 2018 to 2023
-0.38% 0.73% 1.06%
A c t u a l Pro p e r t y P h o to
A c t u a l Pro p e r t y P h o to
1 8C V S Po r t fo l i o · L e h i g h Va l l e y, PA
LOCATION OVERVIEWALLENTOWN, BETHLEHEM AND HELLERTOWN DEMOGRAPHICS
2010 Population Census 198,912
2018 Population Estimate 202,178
2018 Average Household Income $62,745
2018 Median Household Income $47,011
1 9C V S Po r t fo l i o · L e h i g h Va l l e y, PA
LOCATION OVERVIEW
Lehigh Valley is a leading economic marketplace in Pennsylvania, and covers a two-county region in eastern Pennsylvania consisting of 62 distinct municipalities and three cities; Allentown, Bethlehem, and Easton. The amazing PA economy had an impressive 2015 GDP of over $35.4 billion, a growth of over $1 billion dollar over its 2014 GDP of $34.4 billion. The region’s GDP eclipses that of over 94 countries in the world and has become the fastest growing area in the state of Pennsylvania and third most populous. The Lehigh Valley area has a population of 662,153 people, with average household incomes of $78,000. With the recent job growth, a unique northeast location, and continued investment into its largest city of Allentown, the Lehigh Valley is poised for continued economic and population growth, strengthening the retail markets throughout the region.
Lehigh Valley Market Overview
E XC E L L E N T J O B G A I N S I N A M A R K E T P O I S E D FO R I N C R E D I B L E ECO N O M I C G ROW T HFrom 2015-2020 the Lehigh Valley is expected to generate 22,150 jobs, with the largest growth through health care and social assistance (10,100), transportation and warehousing (3,150) and professional, scientific and technical services (2,450). Healthcare and education sectors dominate the top 20 employers within the Lehigh Valley Market, with retail being the next largest industry. When considering the full Lehigh Valley economy, Healthcare (18.9%), Business Services (15.2%), and Retail Trade (12.8%), are the top ranking industries for employment. Particularly notable is the dominant healthcare segment, which according to the US Bureau of Labor Statistics “…are expected to have the fastest employment growth and to add the most jobs between 2014 and 2024.” Not only is the Lehigh Valley poised to reap the benefits of a growing economy, it has been increasing employment consistently since the recession, and through Q2 2015 had a greater percentage of jobs than its post-recession levels than any other region in Pennsylvania. From 2010-2014, the Lehigh Valley added 22,100 new jobs between with specific industries such as transportation and warehousing experiencing growth of 10%-40%.
L E H I G H VA L L E Y T O P E M P L OY E R S
I M P R ES S I V E D E V E LO P M E N T I N A L L E N TOW N, L E H I G H VA L L E Y ’S L A RG EST C I T Y, T H RO U G H B U S I N ES S F R I E N D LY P O L I C I ESAllentown is located only 3 miles south of the Property and is the third largest city in Pennsylvania and the leading city within the Lehigh Valley. Through its special taxing district, the Neighborhood Improvement Zone, which consists of over 128 acres in downtown Allentown and the Riverfront District, Allentown has taken a strong initiative to improve the attractiveness of its city. Through the Neighborhood Improvement Zone (NIZ), there has already been $1 billion worth of development in downtown, and newly approved tax incentives. The incentives will be used to help build the $200 million Five City Center office and apartment complex, the $20 million Strata II apartment building, the $17.7 million Butz office building, and the relocation of a cigarette warehouse.
50 MILES50 MILES 60 MILES60 MILES40 MILES40 MILES
MARYLAND
PA
WASHINGTON, D.C.
VIRGINIA
NJ
DE
NY
ALEXANDRIA
DOVER
WILMINGTON
FREDERICK
HAGERSTOWN
BALTIMORE
TOWSON
ATLANTIC CITY
CAPE MAY
LONG ISLANDMANHATTAN
KING OF PRUSSIA
YORK
HARRISBURG
WILKES-BARRE BRIDGEPORT
YONKERS
REHOBOTH BEACH
STATE COLLEGE
GETTYSBURG
PHILADELPHIA
LEHIGH VALLEY
Lehigh Valley Portfolio
EXCLUSIVE MARKETING ADVISORS
P H I L A D E L P H I A | 1700 Market Street | Suite 3232 | Philadelphia, PA 19103
MARC MANDELManaging Director
[email protected] Investment Advisory
MICHAEL PAGNIUCCI Director
Financing Advisor
STEVE SCHRENKDirector
[email protected] Advisory
MICHAEL DICOSIMO Director
Investment Advisory