(To read more on the industrial market, click here.)

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ALLENTOWN, PA-Conewago Equities LP has sold the 509,445-sfindustrial building at 200 Cascade Dr. and an adjacent 50,000-sfnewly constructed building in Lehigh Valley Industrial Park II toFirst Industrial Realty Trust for $25.1 million. The largerbuilding is the former Ross Bicycle Plant, which was completed in1971.

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According to public records, Hanover-based Conewago acquired theRoss Bicycle site and building in November 1998 for $4.2 million,and the following year, paid $57,500 for the additional 10.4 acres.Jack Shepley and John Van Buskirk of the industrial propertiesgroup of Harrisburg-based NAI CIR located the buyer and representedConewago in the sales transaction. First Industrial was representedin house.

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Shepley tells GlobeSt.com that Conewago undertook significantenvironmental remediation at the 43-acre Ross Bicycle site andexpanded the building from approximately 360,000 sf. Conewago alsorecently completed the second building, which is located on the10.4-acre parcel.

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Peter Corcoran, who heads Chicago-based First Industrial'sPennsylvania office in Exton, tells GlobeSt.com the new, smallerbuilding is "half-leased" and the asking rental rate is $5.50 persf. The larger building is a multi-tenant facility, fully leased toseveral tenants, he says. The properties do not accommodateadditional development. Prior to this acquisition, as of Sept. 30,First Industrial owned nearly 1.5 million sf in Pennsylvania and itowns the 96,000-sf William Penn Business Center, adistribution/warehouse facility here.

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