Sale price of the complex, which was developed by locally based Walter Lamb in the mid-1980s, is undisclosed. Area brokers decline to speculate on the price, but one, on condition of anonymity, says the average rental rate in the one-story buildings is between $11 per sf and $12 per sf.
The properties include 861, 871, 881 Marcon Blvd. and 2200 and 2202 Irving St. within the Lehigh Valley Industrial Park III, which is adjacent to Rte. 22 and Lehigh Valley International Airport. Rte 22 has interchanges with I 78 and I 476, which puts the campus within two hours of central New Jersey and the Greater New York and Philadelphia metropolitan areas. The one-story, steel frame, all brick buildings range in size from 25,750 sf to 38,000 sf.
Douglas G. Joseph, first VP, and Daniel J. Dagit, SVP in the Wayne, PA office of CB Richard Ellis were the sole agents in arranging the transaction.
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