This represents the Bethlehem-based developer's first foray into Allentown, and Ryan Dunn, a principal, tells GlobeSt.com, "we see great potential in the tremendous revitalization that is taking place Downtown." He cites three major office buildings, several new restaurants and high-end residential conversions within a block of the asset.
The building was completed in 1923, renovated in 1985 and had additional capital and tenant improvements since. "We'll operate it as is until further revitalization efforts reach completion, and then invest in some mechanical and cosmetic upgrades," Dunn says.
"Some tenants' leases expire this year, and we will probably negotiate extensions," he says. He declined to disclose the rent rates, but, on condition of anonymity, an area broker tells GlobeSt.com the average asking rate for Downtown office space is between $10 per sf and $11 per sf, triple net.
The seller is a local real estate company that declined to be identified. There were no brokers involved in the sales transaction. Dunn Twiggar owns two properties in Hanover Twp. and others in Southern Pennsylvania and New Jersey.
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