Christopher Shiban of locally based Summit Management and Realty Co. negotiated the transactions on behalf of the buildings' separate owners. The three new tenants in the 1501 property are St. Luke's Health Care, which opened a 25,000-sf medical office center; Easter Seals of Eastern PA, which took 4,900 sf, and Lehigh Valley Child Care with 8,000 sf.
One small-space tenant, unrelated to the business school, remained in the 38,000-sf building. Shiban says the aggregate value of the new agreements in this building is $2.3 million. He tells GlobeSt.com, "the average asking rent rate is $10 per sf, triple net."
Harris Weinstein, a private investor, is the owner. "The property was once a grocery store, and Weinstein completely renovated it and added a second floor when the business school first leased the property more than 10 years ago," Shiban says. It was also updated when the school exited. The property was constructed in 1953.
In a separate agreement, Shiban represented private owner Dan Hughes in filling the space at 1517 Lehigh St. "That, formerly a bowling alley, was converted for Allentown Business School, and this transaction represented a sweetheart deal for the school system," he says. "It is a lower-floor, windowless space, and the rent rate is $4 per sf, triple net. The aggregate value for the five-year term is $640,000."
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