BETHLEHEM, PA-APS Associates LLC, a Lehigh Valley investor, has acquired the 170,000-sf Bethlehem Plaza shopping center at the intersection of Nazareth Pike and Route 22 for $7 million, or about $41 per sf. The seller is New York City-based RD Management.
The center was built in 1972 and is currently 75% leased, according to Gregory Jones and Randy Hope of Conshohocken-based Metro Commercial Real Estate, who represented APS in the transaction. Hope says the buyer plans renovations and tells GlobeSt.com the asking rental rate for the approximately 45,000-sf of vacant space is $18 per sf.
Among the existing tenants are Dollar Tree, Sears Essentials and several in-line restaurants. "There has been explosive residential and commercial growth in this part of the Greater Lehigh Valley," Hope says. The area's affluence, high traffic counts, easy accessibility along Route 22 and proximity to nearby big box retailers make it a prime location, he adds.
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