William Wolf, first VP in CBRE's Allentown office, is marketing units of space from 20,000 sf and up on a regional, national and international basis. The rental rates for general warehouse space range from $2.25 per sf to $3.50 per sf, triple net, Wolf says.
The new owner is spending more than $6.6 million to modernize the property. It was originally designed for specific-use manufacturing, according to Wolf, and the investment is being used to redevelop the space for a variety of multi-tenant office, light manufacturing, assembly and distribution activities. The property is located on the north side of Allentown within three miles of three Route 22 interchanges and just five minutes from Lehigh Valley International Airport.
The Cafritz portfolio includes office, hotel, industrial and multifamily properties. This is its first project in the Lehigh Valley.
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