The asking rent rate in the building is $16 per sf, triple net, according to John Crampsie, a principal of Allentown-based Summit Management and Realty Co. Summit redeveloped the building for the current owner and also handles the leasing. The owner, City Line Plaza, takes its name from the building, which is within minutes from Lehigh Valley International Airport and Rte. 22.
Crampsie tells GlobeSt.com the asset dates back to the 1970s, "and the renovation enabled the owner to raise rates and also lift occupancy," which he says is now 95%. Debbie Reimer of Allentown-based Reimer and Associates represented Spotts Stevens in the lease negotiations.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
