WIESENBERG TOWNSHIP, Pa., Aug. 11, 2010 (GLOBE NEWSWIRE) -- The Garibaldi Group/CORFAC International is pleased to announce the sale of the 384,695 square foot warehouse/distribution building sited at 9747 Commerce Circle. It was sold by Arcadia West Lot 5, L.L.C., an affiliate of Pritzker Realty Group and Higgins Development Partners to an affiliate of Endurance Real Estate Group, of Bala Cynwyd, PA for $15.9M, or $41.33 per square foot.
Centrally located within the Arcadia West Industrial Park, a 250 acre industrial park zoned highway commercial (HC), the property is 55% (211,134 square feet) leased to TEVA, the global pharmaceutical company. The industrial park is four minutes west of Fogelsville, and is located at the intersection of Route 863 and Interstate 78.
The Class A, pre-cast building was constructed in 2007, and is suitable for multi-tenant configuration. Both building and lot signage are permitted.
Gerald Moore, managing director of The Garibaldi Group, had words of praise for both parties involved with this transaction. "The buyer and the seller both did a phenomenal job. They closed this transaction at amazing speed, with no price adjustments. It was a win-win situation for all."
About The Garibaldi Group
The Garibaldi Group is a full-service, global real estate firm now in its ninth decade of operation. With offices in Chatham, New Jersey, as well as in Lehigh Valley, Pennsylvania, the firm's extensive services include real estate consulting and brokerage services, financial services, lease administration, project management /development and property/construction management.
The Garibaldi Group is a member of CORFAC International, an organization of leading, privately-held, entrepreneurial commercial real estate firms serving 100 major markets in North America, and internationally through its King Sturge CORFAC International alliance.
For more information, please contact The Garibaldi Group/CORFAC International at 973-635-0303 or visit www.garibaldi.com.
About CORFAC International
Corporate Facility Advisors - CORFAC International is one of the largest commercial real estate services organizations in the world. CORFAC is comprised of privately held entrepreneurial firms serving more than 150 markets in The Americas and internationally through its King Sturge CORFAC International alliance.
Founded in 1989 and headquartered in Hollywood, Florida, CORFAC selects its partner firms based on their professional integrity, industry leadership, market coverage and high standards of excellence. CORFAC boasts one of the highest percentages of brokers with designations in professional associations in the industry.
Last year, CORFAC partner firms completed 11,951 commercial real estate transactions worldwide, encompassing a billion square feet and valued at $24.5 billion. For more information on CORFAC contact the organization's headquarters at 954-923-6160 or info@corfac.com or visit www.corfac.com.