PennCap Properties Acquisition of 1480 Valley Center Parkway in Hanover Township, Northampton County

PennCap Properties portfolio is pleased to announce the acquisition of 1480 Valley Center Parkway in the Lehigh Valley Corporate Center, located in Hanover Township, Northampton County. The addition of the 51,793 SF, building, is the first acquisition since PennCap’s initial purchase of the 32 building portfolio from Liberty Property Trust in May of 2011. The single story building was built by Liberty in 1991 for Ingersoll Rand, an engineering division that was later launched as Conmec. The building, which stood vacant for several years, is now home to Flowserve’s Flow Solutions Group. Flowserve (NYSE: FLS), is a leading global manufacturer and supplier of flow management systems and products with over 15,000 employees worldwide and a client base in 70 different countriesThe company will move 113 jobs to 1480 Valley Center Parkway with plans for additional job growth on site.

PennCap Properties currently owns and manages 32 buildings throughout the Lehigh Valley, 11 of which are located in Lehigh Valley Corporate Center, making the acquisition of 1480 Valley Center Parkway a logical and strategic addition to the portfolio. PennCap’s assets within the LVCC currently consist of 544,796 square feet of single and multi-story office buildings.