Bombay established its Northeast distribution center in the facility, and its lease is valued in excess of $17 million. Liberty's price for the building is undisclosed.
Simultaneous with the sale, C. Craig Guers, VP of Opus East, announced that groundbreaking will begin immediately on construction of a 429,200-sf warehouse facility on an adjoining 59 acres. It will be the company's "first initiative" for this land, he says, and he expects it to reach completion in second quarter 2005.
Opus East is the Plymouth Meeting-based Mid-Atlantic regional office of Minnetonka, MN-based Opus Group. The 860 Nestle Way facility is its second major building in the planned, 2.4-million-sf, five-building Allentown Crossings development here.
Brian Donley, manager of real estate development in the Delaware Valley office of Opus East, says both the sale and the imminent groundbreaking validate his company's Lehigh Valley and Northeast corridor development and marketing strategy. "The Valley continues to be a priority site for major distributors of consumer products," he says. Opus' recent Delaware Valley projects include build-to-suit warehousing and distribution centers for Proctor & Gamble, Estee Lauder, Fleming Foods, Circuit City and Lennox.
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