NAI Hanson Announces Sale of Site for Large-Scale Residential and Retail Development in Bethlehem, Pa.
BETHLEHEM, Pa. (Jan. 7, 2014)– NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, today announced the sale of 47 acres of a 100-acre land site in Bethlehem, Pa. The first phase of a $19-million acquisition, the transaction paves the way for the development of Madison Farms, a large-scale, mixed-use residential and retail project.
The buyer, a joint-venture partnership of KRE Group and The Silverman Group, recently broke ground on the first phase of the development, which will feature 294 apartments and 123,000 square feet of retail space. The retail component will be anchored by a new ShopRite grocery store, which is expected to open by the first quarter of 2015.
Located on Freemansburg Avenue near Highway 33, opposite the new St. Luke’s Cancer Center campus, Madison Farms will eventually feature 837 residences. A mix of single-family homes, townhomes and carriage homes are to be added in later phases of the project. A variety of dining establishments, shops and convenience stores are planned for the retail space.
Additionally, a portion of the property is set aside as open space, and will feature a series of gazebos, small neighborhood parks and ponds. Walkways and bicycle paths will be placed throughout the development as way to encourage residents to walk and bike to the retail village, nearby public recreations facilities and schools.
The NAI Hanson team of Senior Vice President John Schilp and Vice President Sig Schorr represented both the buyer and the seller in the transaction.
“The buyer of this site will provide the Lehigh Valley with a much needed option for renters who seek the convenience of a bustling neighborhood atmosphere in a picturesque suburban locale,” Schorr said. “Additionally, with a location just two highway exits from the New Jersey border and just over an hour from Manhattan, Madison Farms will be ideal for commuters.”
About NAI James E. Hanson
Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.
NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with over 350offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Hackensack office at 201-488-5800 or visit www.naihanson.com.