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BETHLEHEM, PA-An area estate has divested itself of its only commercial real estate property, the Sherwin Williams store at 1751 Stefko Blvd. The 5,700-sf unit, which includes significant storage space as well as a retail showroom, was built in 1963.

Adam Simon, an agent in the Philadelphia office of Marcus & Millichap, represented the seller and also procured the buyer, a company based in Trenton, NJ, which owns retail properties throughout the US and specifically in Eastern Pennsylvania. Simon tells GlobeSt.com the original asking price was approximately $660,000, but was reduced to $638,810, which is about $112 per sf, because the property required some repair.

Two years remain on the Sherwin Williams lease, and Simon says the retailer has expressed interest in exercising a final five-year option. The current rent is $51,540 a year, or about $9.20 per sf, according to Simon. He says that is about 15% to 25% below market rate.

“The buyer has the opportunity to capitalize on the increased rental rate during the option period or to reposition the asset on the growing Stefko Boulevard retail corridor,” he says. “The unit is located across from a strip center, and this is a growing area with a significant amount of new retail.”

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