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A New Vision for Old Airport Road Property

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March 31, 2020 [Allentown, PA] – A former restaurant supply store at 1633 Airport has been recently purchased by Victory Development, who will be redeveloping the site and building for a new use. Located at the junction of Airport Road and American Parkway, the property offers tremendous visibility and ease of access to the area’s major retail corridors and roadways, making it an ideal space to cultivate a new vision.

The 15,200 sf building on 1.17 acres sold for $1,500,000 in a transaction brokered by Seth Lacey and Derek Zerfass of Colliers International’s Allentown office. While the property had sat vacant for a little over three years, once Colliers became aware of the owner’s willingness to sell, the team was able to bring a buyer and close the deal in under seven months for seller Calumet Properties.  

Greg Bianchi of U.S. Realty represented the buyer in this transaction. 

For further information, contact
Seth Lacey, Associate Broker 
+1 610 413 2783 | Seth.Lacey@colliers.com

Derek Zerfass, Senior Vice President 
+1 610 295 6125 | Derek.Zerfass@colliers.com

 

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About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.  Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.

 

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Related Experts

Seth Lacey

Vice President

Allentown

Seth joined Colliers’ Lehigh Valley retail team in 2018 to provide tenant, landlord and investor representation services through-out Eastern & Northeastern Pennsylvania. 

He is a native of Birdsboro, PA (Berks County) and currently lives in the Lehigh Valley. As such, he has a solid understanding and familiarity with activity in the market. Clients benefit from his youthful entrepreneurial mindset, extensive market knowledge and his successful track record working with and negotiating for high networth owners, entrepreneurs and businesses.

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Derek Zerfass

Senior Vice President | Allentown

Allentown

Derek joined Colliers in 2006. He specializes in retail tenant, landlord, developer and investor representation and has 15 years years’ experience in the retail sector in the Lehigh Valley.  Derek has an in depth understanding and knowledge of the land development process and has completed in upwards of over 30 pad site deals in the last few years alone.  As a native of the area, he is an expert in local market conditions and recent transactions. This, combined with his entrepreneurial spirit and strategic negotiation skills, have made him a valued asset to his strong client base and a top producer.

 

Derek is a trusted advocate for the landlords, tenants and investors he represents. His focus is on the real estate outcome that best supports their business objectives and he possesses the expertise and commitment to deliver results.

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