CBRE, Inc. brokers lease of 677,088 s/f facility
BETHLEHEM, PA – CBRE, Inc. (CBRE) has brokered the lease of 2485 Commerce Center Boulevard, a 677,088 s/f facility within Lehigh Valley Industrial Park VII. The property is a joint-venture between Trammell Crow Company and Clarion Partners. The space was leased by U.K. retail company Primark, and will serve as their primary east coast distribution facility as the company makes its first venture into the United States. CBRE’s Joe McDermott represented the tenant, while Vincent Ranalli and Jake Terkanian of CBRE represented ownership.
“This is a truly significant transaction for the entire Lehigh Valley community,” said Ranalli. “This site is part of the overall redevelopment of the former Bethlehem Steel Company properties. The neighborhood now includes Wal-Mart, who recently leased 2.4 million s/f of space in two buildings, Crayola, who leased 800,000 s/f, and Zulily, who also leased 800,000 s/f.
“The Lehigh Valley has become the preferred location for distribution of product to customers in the Mid-Atlantic and Northeast,” said McDermott. “The major companies that have located in Lehigh Valley versus New Jersey is significant.”
The property offers immediate access to I-78 and is adjacent to the Norfolk Southern Bethlehem Intermodal Terminal, making it ideally situated for a distribution center. Primark took advantage of the LERTA tax abatement zone and signed a 10-year lease. They have also recently leased the former Sears store at the King of Prussia Mall, and will be opening several more retail locations along the east coast.