ALLENTOWN, PA-Erwinna-based Quail Creek Associates LP has acquired the 30,500-sf industrial building at 2834 Mitchell Ave. for nearly $1.6 million, or approximately $51 per sf. The seller is Collegeville-based Worley LP.
Christopher Shiban of locally based Summit Management and Realty Co., who negotiated the sales transaction, says the building was completed in 1969. He tells GlobeSt.com the building was fully occupied at the time of the sale. However, the current tenant is downsizing, and the buyer will move into the remaining half of the property.
It is located just off Interstate 78 at the Lehigh Street interchange. Shiban declines to disclose the current tenant's rent rate, but says the asking rate for comparable space in this area is between $4 per sf and $4.50 per sf, triple net.
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