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Black Bear Asset Management Acquires Mixed-Use Building In Bethlehem, PA For $14M

310 East 3rd Street
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This Mixed-use property located in PA was sold for $14,000,000. The brokers of the deal were George Pektor and Emil DePasquale

The mixed-use property located at 310-322 E 3rd Street in Bethlehem, PA has been sold in a recent transaction. The sale took place on 03/28/2022 and the property was acquired by Black Bear Asset Management. The seller of the property was Greystone Capital Inc. The transaction was facilitated by Emil DePasquale and George Pektor from Black Bear Capital Partners, acting as brokers for Black Bear Asset Management.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $14,000,000
  • Square Footage: 42,123
  • Price Per Square Foot: $332
  • Market: Bethlehem, PA

This joint venture partnership between Greystone Capital Inc. and Black Bear Asset Management marks their second investment in the Lehigh Valley. As a result of this collaboration, Black Bear Asset Management now holds a 50% common equity interest in the mixed-use building, with the remaining 50% owned by Greystone Capital Inc. Black Bear Asset Management also played an advisory role in the project, securing a ten-year loan of $10.35 million with Kearny Bank at a fixed rate of 3.25%.

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Deals
  • Location
    310 East 3rd Street310 East 3rd Street
  • Sale Price
    $14,000,000$14,000,000
    $332 PPSF$332 PPSF
  • Area
    42,123 SF42,123 SF
  • Asset Type
    Mixed-useMixed-use
  • Parties
    2 Brokers, 1 Agency2 Brokers, 1 Agency

Agents

George Pektor

George Pektor

Deals23
Financed$255.7M

Agency

Black Bear Capital Partners

Black Bear Capital Partners

Agency
Deals284
Volume$6.2B

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Deal Summary

SALE IMAGE: Emil DePasquale & George Pektor DATE: 03/28/2022 ADDRESS: 310-322 E 3rd Street MARKET: Bethlehem, PA ASSET TYPE: Mixed-use BUYER: Black Bear Asset Management SELLER: Greystone Capital Inc. BROKERS: Emil DePasquale & George Pektor- Black Bear Capital Partners (@BlackBearCapitalPartners) SALE PRICE: $14,000,000 SF: 42,123 ~ PPSF: $332 NOTE FROM @BlackBearCapitalPartners: Greystone Capital Inc. and Black Bear Asset Management (BBAM) have joined in a joint venture partnership that will focus on the acquisition and development of multifamily/industrial properties in the Lehigh Valley. BBAM's acquisition of Polk on Third marks their second investment with Greystone Capital and will result in a 50% common equity interest in the mixed-use building with the balance owned by Greystone. BBAM also acted in an advisory capacity for the project, placing a ten (10)-year $10.35 million loan with Kearny Bank at an attractive fixed rate of 3.25%.

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