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Ashley Bets 109 Acres on Residential

LOWER MACCUNGIE TWP., PA-The developer pays $41,254 per acre for farmland with plans to meet the Lehigh Valley's continuing demand for residential development.

By Marita Thomas | Updated on March 07, 2007

(To read more on the multifamily market, click here.)

LOWER MACCUNGIE TWP., PA-Locally based Landco Real Estate LLC has sold two parcels aggregating approximately 109 acres to Ashley Development Corp. for $4.5 million, or an average of $41,254 per acre. The sale includes just over 100 acres here and approximately nine acres in Macungie Borough.

Both parcels are vacant farmland, sold “as is,” but zoned for residential development, according to Gerald Moore, principal and managing director of financial services for the Chatham, NJ-based Garibaldi Group/Corfac International. Moore, president Jeffrey Garibaldi and Michael Bartolacci, SVP who heads the company’s Bethlehem office, represented Landco in the sale. Richard Brooks of Bethlehem-based Ashley spoke for the buyer.

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