AMB executives were not immediately available to comment on the deal. Grubb & Ellis' latest figures have industrial space in the Lehigh Valley area going for $4.68 per sf. AMB's average US rents come in at $6.47, according to the company's supplemental report released earlier this month.
Cooper Tire likes the site due to its "major regional distribution transportation routes and proximity to population densities in the Northeast and Mid-Atlantic," says Mark Plesec, manager of the company's distribution operations, in a statement. The company has nine distribution centers across the country.
In the AMB deal, Bob Mohr and Drew Thomas of Mohr Partner represented Cooper Tire. Joe McDermott and Vince Ranalli of CB Richard Ellis represented AMB.
AMB owns 13.1 million sf in the Northern New Jersey/New York submarkets, of which eastern Pennsylvania is considered a part of. The firm owns 158.4 million sf of industrial properties around the globe.
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