The lease also takes occupancy in the 85,000-sf Market Street facility to 100%. The building owner, which declined to be identified, occupies the remaining space in the facility. It was completed in the late 1960s and is located near Route 61 and Interstate 78, according to a spokeswoman for Philadelphia-based Colliers Lanard & Axilbund.
Lee Fein, SVP of Colliers' industrial division represented Alpha in the negotiations. The area office of ReMax represented the owner. Fein declined to disclose the aggregate value of the lease or the rent rate.
According to a year-end 2006 report from Colliers, the average asking rent rate for industrial space in the Lehigh Valley ranges from $4 per sf to $5.25 per sf, triple net. Cushman & Wakefield data says rates for warehouse/distribution space in this submarket rose 7.6% in 2006 to an average of $4.34 per sf.
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