BETHLEHEM, PA-Opus Corp., a unit of the Minneapolis-based Opus Group, has purchased Bethlehem Crossings II, a 235,600-sf warehouse/distribution facility, for a little more than $17.6 million, or about $75 per sf. Plymouth Meeting-based Opus East, which is one of Opus Group's five regional companies, completed the building in November 2005.
It is located on 13.5 acres at 2655 Brodhead Rd. within Bethlehem Crossings Industrial Park. Prior to its completion, 60% of it was preleased under long-term agreements, to Bowe Bell + Howell and FedEx Ground Package Systems. At the time, Craig Guers, SVP of Opus East, told GlobeSt.com the rental rate was "way over" $4 per sf, "closer to $5 per sf."
In December 2004, Opus Corp. acquired the 208,000-sf, fully leased distribution center at 2625 Brodhead Rd. The additional buy "further strengthens Opus' long-term commitment to the Lehigh Valley," Guers says. The park is planned to contain five buildings, and an approximately 235,000-sf Bethlehem Crossings III is scheduled to break ground this spring.
In addition, Opus East recently acquired 50 acres in Lower Nazareth Township, adjacent to this park, where Guers says the company plans two distribution buildings aggregating about 555,000 sf. "Development plans for those structures will be announced within the next 30 days," he says and decline to disclose the price of the land.
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