Fogelsville Commons, a seven-acre commercial development site at the intersection of Rte 100 and Main Street in Fogelsville, has been sold to an unnamed buyer who plans a drug store and other retail units. Terms of the deal were not disclosed.
In nearby Bethlehem, 1.7 acres at Broad Steet and Stefko Boulevard sold for $1.4 million. The buyer is identified as Broad and Stefko Corp., LLC. The planned end-use has not been determined. In a separate transaction, a 35-acre parcel in Forks Township sold for an undisclosed price.
Summit represented the sellers in all three transactions. Meanwhile, Summit represented the owner of the three-story, 50,000-sf, class-A office building in Bethlehem in negotiating a 1,822-sf lease for American Financial. Terms were not disclosed.
The average asking rental rate for class-A office space throughout the Lehigh Valley is about $18.50 per sf, according to brokers in the area. They tell GlobeSt.com the valley's office vacancy rate is above 18.5% and that concessions are common.
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