The property is situated near routes 378, 78 and 22 in Bethlehem's CBD. According to Dunn Twiggar, the available space is currently going to market in an effort to fully lease the building. The current tenants consist mostly of office with the exception of a single retailer on the first floor. Dunn Twiggar will act as property and asset manager for the property.
"The fundamentals of the investment are very strong, specifically its location in Downtown Bethlehem," says Ryan Dunn, principal of Dunn Twiggar, in a statement. "the purchase price, [an] above market CAP rate, a good tenant mix and great value-add potential. Those fundamentals were what allowed us to continue with the acquisition in today's volatile financial market."
Andy Twiggar, principal of Dunn Twiggar, adds in a statement, "As a value-add investor, we look forward to implementing our strategy to upgrade the interior and exterior of the building, which together with our marketing program, will significantly strengthen the asset."
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