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BETHLEHEM, PA-Continuing its pursuit of leaseback transactions, locally based J. G. Petrucci Co. buys NCR’s 45,600-sf, single-story industrial facility at 2156 City Line Road in Lehigh Valley Industrial Park I here and leases it back to the Dayton, OH-based technology company. NCR will continue to lease the facility until 2004.

Terms of the sale are undisclosed. On condition of anonymity, an area broker speculates that the purchase price was “north of $1.5 million,” and another tells GlobeSt.com that Petrucci probably paid “about $35 per sf, or approximately $1.6 million.” The average asking rental rate on industrial space here ranges between $4 per sf and $4.20 per sf.

The building contains 7,200 sf of office space and the location has easy access to I 78 and Routes 22 and 378. Jon Gelman of locally based Gelcor Realty represented Petrucci in the transaction.

In February, when Petrucci acquired an office building in Allentown and leased it back to Concannon, Gallagher & Miller, Greg Rogerson, Petrucci’s general counsel, said, “The sale/leaseback structure is an extremely effective way for businesses to monetize their real estate assets. We expect to complete several more of these transactions in the near future.”

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