Steve Bonge, an SVP with the area office of Grubb & Ellis, represented Nexus in the transaction. "By expanding into the entire building at their current location, they were able to keep their operations in motion while also receiving an aggressive lease rate from the owner, Liberty Property Trust," Bonge says. Bob Kiel, SVP and Lehigh Valley regional director for Malvern, PA-based Liberty, operates from a Liberty office in nearby Bethlehem, PA.
Terms of the Nexus expanded lease are undisclosed. In a second-quarter 2004 report on the industrial market in the Lehigh Valley, Michael Bartolacci, VP of Garibaldi Group, which is based in Bethlehem, says, "increased competition and options on a local and regional level" are keeping "deal pricing in the Lehigh Valley market below the $4-per-sf, triple-net threshold for class A distribution space."
The building is located a mile from I-78 and has direct access to the Norfolk Southern Railroad. It was completed in 1989 and has 15 rail doors and 32- to 35-ft clear-height ceilings.
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