In May 2015, Dunn Twiggar successfully completed the sale of 4482 Innovation Way, a 7 acre commercial parcel ideally located near the Lehigh Valley International Airport in Hanover Township, PA.
Prior to Dunn Twiggar’s involvement with the property, another developer had attempted to build a multi-building office complex on the site. That project exhausted its funds during construction of the site work and the property was taken back by the bank. Dunn Twiggar’s extensive network of contacts alerted us to the availability of the property and we immediately began exploring development strategies as we recognized that Innovation Way had great potential as a value-add investment.
Dunn Twiggar acquired the property direct from the lender in December of 2012.
Over a relatively short time frame, Dunn Twiggar obtained the necessary governmental approvals for a 67,200 square foot flex industrial building. We designed the site to maximize the topography and the existing improvements, and received zoning variances to enable us to fully utilize the site. We then initiated a dynamic marketing campaign that presented the property for lease or sale as a build-to-suit single tenant building, a multi-tenant building; or the sale of the land as a fully approved property.
Employing our value-add strategies proved to be very successful. The sale of the property yielded a total internal rate of return of 32.5% and a gross-multiple of 195%.
This investment epitomizes the strength of Dunn Twiggar’s market knowledge, personnel and its “Value-Add” strategy. Our experience, vision, and sophisticated ownership has produced numerous successful properties and projects. Continuing with this strategy identifies favorable future acquisition targets, while maintaining a strong portfolio value and achieving high yields for our investors.