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BETHLEHEM, PA-The office building at 77 South Commerce Way, which is one of two former Piercing Pagoda headquarters properties here, sells for $3 million, or about $42.86 per sf. The new owner, an unidentified local investor group, plans to begin a $2-million renovation this month.

The three-story, 70,000-sf building will be renamed Commerce Business Center. Upgrades include an additional elevator, additional windows and a renovated lobby along with various cosmetic enhancements. It is designed as a multi-tenant property.

Frank T. Smith of Allentown-based Summit Management and Realty Co. represented both the buyer and seller in the transaction. The seller is Dallas-based Zale Corp., which acquired Piercing Pagoda in 2000 and continues to operate approximately 850 Piercing Pagoda kiosks. The company claims to have pierced more than 200 million pairs of ears since it was founded about 20 years ago.

The new owner of the building retained Summit to lease and manage Commerce Business Center. “It is available for immediate leasing at very aggressive rates,” says Smith.

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