WEST HAZLETON, PA- An investment partnership has picked up the 87,350-sf manufacturing facility at 500 Jaycee Dr. in Valmont Industrial Park. It is currently 100% leased to Truth Hardware. Hazleton Associates LLC, a division of Bloomfield Hills, MI-based Talon Development Group, was the seller.
Michael Crampsie of Allentown-based Summit Management and Realty Co. represented both the seller and the buyer. He identifies the buyer as "an investment partnership based in the Lehigh Valley." Crampsie declined to disclose either the sale price or the rental rate, but says rent rates at industrial facilities in this area "average between just under $2.50 per sf and $4 per sf."
A broker familiar with the 750-acre Valmont and larger neighboring Humboldt Industrial Park tells GlobeSt.com on condition of anonymity that this property "probably sold for in the area of $15 per sf," which would take the sale to an aggregate in excess of $1.3 million. The broker also suggests that the tenant's rent rate "is probably at the lower end of the scale here."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
