X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

ALLENTOWN, PA-West Conshohocken-based Seagis Property Group LP has added the 151,000-sf former Federal-Mogul warehouse to its industrial portfolio for just north of $6.6 million, or nearly $44 per sf. The building, located on a 15.4-acre parcel at 6736 Tilghman St. in Iron Run Industrial Park, is currently vacant, and the land allows for expansion.

Federal-Mogul, a Southfield, MI-based auto parts supplier, is the seller and former occupant. It is reorganizing under Chapter 11 bankruptcy protection and poised to emerge from bankruptcy in March.

John Begier, a Seagis principal, tells GlobeSt.com the building was completed in the mid-1970s. “It has 16 tailgate docks and rail service,” he says, “and is a good fit for a mid-size user in the Lehigh Valley marketplace, a market we know well.” Jon Gelman, principal of Gelcor Realty, which has offices in Bethlehem and Fort Washington, is handling the leasing. Begier says the asking rent rate is $4.35 per sf, triple net.

Regarding the surplus acreage, he says, “It’s unlikely that we’ll add to the existing building, but it’s our intention to develop an additional building on the site at some point in the future.” Seagis specializes in owning and operating industrial properties “in logistically driven locations along the Eastern seaboard,” according to Begier and Seagis partner Charles Lee. The company’s portfolio contains 54 buildings aggregating 4.1 million sf.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.