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PHILADELPHIA-Calling Pennsylvania’s Lehigh Valley “the next stepping stone for its New Jersey-based clients,” The Garibaldi Group, headquartered in Chatham, NJ with an office in Princeton, NJ, steps across the border to open an office in Bethlehem, PA. It will serve the entire valley, which includes the Allentown and Easton, PA markets.

Michael Bartolacci, former associate director of New York-based Insignia/ESG’s Allentown, PA office, is named vice president of Garibaldi and put in charge of the new location.

The extensive Pennsylvania portfolio of Lehigh Valley-based Arcadia Properties is among the business the new Garibaldi office is handling. The portfolio includes Arcadia West Industrial Park in Weisenberg Township, a 250-acre park with five existing buildings and 2.3 million sf of build-out potential.

Garibaldi is also handling the marketing and leasing of a 500,000-sf warehouse/distribution facility in New Smithville, PA, a joint venture between Arcadia and Parsippany, NJ-based Prudential Real Estate Investors.

“The (Lehigh Valley) industrial market has seen a big increase in activity over the past three or four months,” Bartolacci tells GlobeSt.com. “The asking industrial rental rate is approximately $4.25 per sf, triple net. Full service asking rental rates for new, class-A, multi-story office buildings are slightly over $20 per sf.

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