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Upgrades Accelerate CedarPointe Occupancy

ALLENTOWN, PA-Franklin Realty's $10-million investment to lift the former Roma Corporate Center to class A levels raises occupancy from 54% to 76%.

By Marita Thomas | Updated on March 06, 2007

ALLENTOWN, PA-Good Shepherd Rehabilitation Hospital has signed a lease for 18,000 sf at 1651 N. Cedar Crest Blvd., one of seven buildings in CedarPointe Corporate Center. The aggregate value of the lease is in excess of $2 million.

Blue Bell-based Franklin Realty Development Corp. acquired the center, formerly called the Roma Corporate Center, from the Roma family in early 2006 for $17.5 million. At that time, the center was 53.8% occupied.

The buildings were constructed between the late 1970s and mid 1980s. The new owner has invested $10 million in upgrades to raise the center to class A level.

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