SOLD
Black Bear Asset Management Acquires Mixed-Use Building In Bethlehem, PA For $14M
310 East 3rd Street
Mixed-use
42,123 SF
42,123 SF
Sold 1 year ago
Summary
Sale
PENNSYLVANIA
Mixed-use
42,123 sqft
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%.
Players
All
3
Agents
2
Agencies
1
Details
SOLD
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 $10.35.35 million loan with Kearny Bank at an attractive fixed rate of 3.25%.View on map
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Address310 East 3rd Street
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