CBRE's Lehigh Valley Industrial Brokerage team will be responsible for leasing the parks. The team consists of senior vice president Bill Wolf, vice president Phil Schenkel and associate Sean Bleiler. The team will market a total of four properties within the two parks.
Bleiler tells GlobeSt.com that the team plans to target local flex tenants as well as regional New Jersey companies and some national tenants for the buildings. According to Bleiler, Opus has been successful in the past at expanding some of its local tenants into larger spaces within the parks.
[IMGCAP(2)]Bethlehem Crossings consists of three buildings on approximately 91 acres off Route 22 and Interstate 78 in Bethlehem, PA. The team will be finding tenants for approximately 657,653 sf across the three buildings. Bethlehem III, which has 86,000 sf available for lease, was completed in 2007. Much of the building is currently leased to Crayola, which has 137,550 sf of Bethlehem III. Bethlehem IV, which will offer 228,000 sf, and Bethlehem V, which will have 343,600 sf, are expected to break ground this summer, with a completion date in the second quarter of 2009 and first quarter 2010, respectively.
[IMGCAP(3)]Allentown Crossings is a three-building, 17-acre park on Nestle Way Allentown, PA. It has 119,900 sf available in one building, Allentown III. Like Bethlehem Crossings, Allentown III features 28-foot clear ceiling heights and access to major metropolitan areas. The building offers 1,100 sf of frontage on I-78, which runs to the port of Newark, NJ.
[IMGCAP(4)]Both parks were designed to meet the warehousing and distribution needs of smaller companies. "Developers in the Lehigh Valley have concentrated solely on larger big box warehousing and the supply of small industrial/flex buildings has dwindled," says Bill Wolf in a company release. "As demand and construction costs continue to increase for smaller warehouses, rental and sale prices for these buildings will also continue to climb."
"When the projects were built, there was a lack of expansion in this particular market, between the airport and Route 33, which is an older section of the Lehigh Valley," Bleiler tells GlobeSt.com. "There was a limited amount of product for mid-size tenants."
The Lehigh Valley's industrial market has grown in recent years and is now home to over 100 properties 100,000 sf or larger and provides more than 36.5 million sf of inventory. Since 1999, the market has absorbed an average of 1.4 million sf per year, according to Wolf.
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