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Buyer Pumps Life Into Piercing Pagoda HQ

BETHLEHEM, PA-The never-occupied, 70,000-sf flex building at 77 S. Commerce Way trades for a second time and will be converted into medical offices.

By Marita Thomas | Updated on September 05, 2007

BETHLEHEM, PA-Bellhaven Commerce Way LP, which acquired the flex building at 77 S. Commerce Way for $3 million in December 2004, has sold it for $4.5 million, or $61.43 per sf. The three-story, 70,000-sf asset was constructed in 1998 as one of two headquarters facilities for Piercing Pagoda.

Prior to its completion, however, Dallas-based Zale Corp. acquired the company that operates ear-piercing kiosks. Zale put this and the Piercing Pagoda building at 3910 Adler Place up for sale and moved Piercing Pagoda to Dallas. Following its 2004 acquisition, Bellhaven, a local investor group, renamed the 77 S. Commerce Way building Commerce Business Center, but never landed a tenant.

Meanwhile, in continuing expansion throughout the Lehigh Valley, St. Luke’s Hospital and Health Network has developed a facility across the street from the building. The newest buyer, also a local investor identified as 77 South Commerce Way Development LP, plans to convert Commerce Business Center into a multi-tenant medical office building to serve St. Luke’s.

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