ALLENTOWN, PA-In separate, unrelated transactions, three diverse buildings change hands at equally diverse prices. In the largest of the sales, OJ Krapf & Sons, a locally based investor, paid $450,000, or $6 per sf, for the 100-year-old, warehouse/manufacturing facility at 321 and 408 S Carlisle St.
The 75,000-sf property is 50% leased, and the buyer plans to renovate the facility for lease to multiple tenants. Chip Miers, sales associate in the local office of Roseland, NJ-based Coldwell Banker Commercial Feist & Feist Realty Corp., tells GlobeSt.com the asking rental rate will be between $3.50 per sf and $3.75 per sf. Miers represented Krapf and the seller, Leonard Block.
He also represented both buyer and seller in the sale of the 8,000-sf former theater and law office building at 12 N. Eighth St. The seller is Steve Stelzman. The buyer, Thomas Williams, paid $250,000, or $31.25 per sf. He is converting the building, which dates back to the 1920s, into office space and two 2,500-sf apartments.
The third transaction involved a more conventional property, a 6,000-sf office/distribution building at 440 Allentown Dr. It traded for $375,000 or $62.50 per sf. Miers represented the seller, locally based Elchaar Properties, and Michael Adams, VP of the same office, represented the buyer, Leslie Anderson, who will use the facility for expansion of his medical distribution business.
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