ALLENTOWN, PA-First Industrial Realty Trust has acquired the building at One Cascade Dr. in the Lehigh Valley Industrial Park I. The 87,000-sf property contains 79,000 sf of manufacturing space and 8,000 sf of office space.
According to public records, the Chicago-based industrial REIT paid $3 million, or $34.48 per sf, for the building, which is located on eight acres. The seller is locally based the Goodman Cos.
"First Industrial purchased the building in order to own more product in the Lehigh Valley. This building is minutes from the Lehigh Valley International Airport," says Tony Hayden Jr., VP of Conshohocken-based Beacon Commercial Real Estate, who represented both parties. First Industrial also owns a 43,600-sf flex building at 999 Postal Rd. in the same industrial park and a 96,000-sf warehouse/distribution asset at 7350 William Ave., in the William Penn Business Center here. The price for its newest asset falls below the $43.35-per-sf average for industrial facilities in the Lehigh Valley, according to year-end 2005 data from the Philadelphia office of Colliers Lanard & Axilbund.
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