The price is undisclosed. Area brokers tell GlobeSt.com, on condition of anonymity, that the market rate for industrial buildings here is about $40 per sf, but that Petrucci probably paid less than $4 million. The building is available for lease, and brokers say the average asking rental rate is between $4 per sf and $4.25 per sf.
Tom Shaughnessy, director of business development at Petrucci's Bethlehem office, says the acquisition is "a perfect example of how we continue to acquire quality industrial facilities in prime locations. We're extremely committed to the Lehigh Valley region," he adds. David Beal of Southampton, PA-based Hart Corp. and Dan Arends, SVP of the Chicago office of Colliers Bennett & Kahnweiler, represented the seller.
Petrucci bought a 16,000-sf office building on Martin Luther King Drive here in February and leased it back to the accounting firm of Concannon, Gallagher & Miller.
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