Michael Bartolacci, former associate director of New York-based Insignia/ESG's Allentown, PA office, is named vice president of Garibaldi and put in charge of the new location.
The extensive Pennsylvania portfolio of Lehigh Valley-based Arcadia Properties is among the business the new Garibaldi office is handling. The portfolio includes Arcadia West Industrial Park in Weisenberg Township, a 250-acre park with five existing buildings and 2.3 million sf of build-out potential.
Garibaldi is also handling the marketing and leasing of a 500,000-sf warehouse/distribution facility in New Smithville, PA, a joint venture between Arcadia and Parsippany, NJ-based Prudential Real Estate Investors.
"The (Lehigh Valley) industrial market has seen a big increase in activity over the past three or four months," Bartolacci tells GlobeSt.com. "The asking industrial rental rate is approximately $4.25 per sf, triple net. Full service asking rental rates for new, class-A, multi-story office buildings are slightly over $20 per sf.
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