X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ALLENTOWN, PA-Bethlehem, PA-based J.G. Petrucci Co. continues to expand its Lehigh Valley portfolio with the acquisition of the 101,250-sf, single-story industrial building at 7108 Daniels Dr. on 9.4 acres in the Iron Run Industrial Park here. The seller is Wallace Computer, which merged into Ontario-based Moore Corp. this May to form Moore Wallace Inc.

The price is undisclosed. Area brokers tell GlobeSt.com, on condition of anonymity, that the market rate for industrial buildings here is about $40 per sf, but that Petrucci probably paid less than $4 million. The building is available for lease, and brokers say the average asking rental rate is between $4 per sf and $4.25 per sf.

Tom Shaughnessy, director of business development at Petrucci’s Bethlehem office, says the acquisition is “a perfect example of how we continue to acquire quality industrial facilities in prime locations. We’re extremely committed to the Lehigh Valley region,” he adds. David Beal of Southampton, PA-based Hart Corp. and Dan Arends, SVP of the Chicago office of Colliers Bennett & Kahnweiler, represented the seller.

Petrucci bought a 16,000-sf office building on Martin Luther King Drive here in February and leased it back to the accounting firm of Concannon, Gallagher & Miller.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.