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ALLENTOWN, PA-Conewago Equities LP has sold the 509,445-sf industrial building at 200 Cascade Dr. and an adjacent 50,000-sf newly constructed building in Lehigh Valley Industrial Park II to First Industrial Realty Trust for $25.1 million. The larger building is the former Ross Bicycle Plant, which was completed in 1971.
According to public records, Hanover-based Conewago acquired the Ross Bicycle site and building in November 1998 for $4.2 million, and the following year, paid $57,500 for the additional 10.4 acres. Jack Shepley and John Van Buskirk of the industrial properties group of Harrisburg-based NAI CIR located the buyer and represented Conewago in the sales transaction. First Industrial was represented in house.
Shepley tells GlobeSt.com that Conewago undertook significant environmental remediation at the 43-acre Ross Bicycle site and expanded the building from approximately 360,000 sf. Conewago also recently completed the second building, which is located on the 10.4-acre parcel.
Peter Corcoran, who heads Chicago-based First Industrial's Pennsylvania office in Exton, tells GlobeSt.com the new, smaller building is "half-leased" and the asking rental rate is $5.50 per sf. The larger building is a multi-tenant facility, fully leased to several tenants, he says. The properties do not accommodate additional development. Prior to this acquisition, as of Sept. 30, First Industrial owned nearly 1.5 million sf in Pennsylvania and it owns the 96,000-sf William Penn Business Center, a distribution/warehouse facility here.
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