S hopping C enters N ew J ersey /P ennsylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
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Metz and Koons of Bussel Realty represent the property owner in 160,000 s/f lease Komitor and Deutchman of Lee & Associates NJ brokers commitment for Easton Coach Co.
NION, NJ — Pas- senger ground trans- portation provid- er Easton Coach Company U
in the transaction. Jordan Metz and Eric Koons of Bussel Realty represented the property owner. E a s t o n
has leased 160,000 s/f of industrial space at 601 Lehigh Ave. in Union, an- nounced Lee & Associates New Jersey. The commer-
Coach pro- vides mo- t o r c o a c h and transit services in New Jersey, Pennsylva- nia and be- yond. The
Joseph Komitor Scott Deutchman
cial real estate firm’s Joseph Komitor and Scott Deutch- man served as tenant brokers
company is contracted with New Jersey Transit to pro- vide ADA paratransit servic- es as part of the NJ Transit ADA Access Link Program in multiple regions, most recently adding Union and Essex counties. The program provides public transporta- tion to individuals with dis- abilities who are unable to use local bus service. “Our site search for Easton Coach focused on finding a location with proximity to serve residents in this new service area,” said Komitor. BETHLEHEM, PA — GREA announced the sale of a large off-campus student housing portfolio serving the students at Lehigh University in Bethlehem. The portfolio consists of 45 modern apart- ment units (117 bedrooms), 62 single-family houses (266 bedrooms), and one street-level commercial space. Each prop- erty in the portfolio is located within a short walk of Lehigh University, one of the nation’s most distinguished private research universities. The Uni- versity’s strategic plan for the next decade calls for increas - ing enrollment, attracting new faculty, expanding research, and constructing new facilities. Ken Wellar , founding part- ner of GREA, noted, “Over the past few years there has been tremendous growth in the Le- high Valley which continues to attract out-of-town investors.” The buyer in this transaction
JUNE 2023
parking with 150 vehicle spaces, and 24-hour access. The transaction underscores Lee & Associates’ expertise working on behalf of ground transportation providers. “Hav- ing successfully placed several similar transportation tenants in Northern New Jersey, our 601 Lehigh Avenue in Union, NJ
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“The location also needed to be zoned for transporta- tion operations and provide plenty of on-site parking. 601 Lehigh Avenue checked every box.” Set on more than 7.5 acres, the property of- fers multiple ingress/egress points, 2 acres of on-site
team was very familiar with the highly specific and unique needs of a business such as Easton Coach,” added Komitor. “We are pleased to be part of the company’s expansion as it provides valuable paratransit services to residents in the re- gional market.” MAREJ
GREA sells 383-bed student housing property in Bethlehem, Pennsylvania for $29,500,000
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ALSO INSIDE
UPCOMING SPOTLIGHTS Northern NJ Spotlight...5-7B Pennsylvania................9-BC B People on the Move....... 12B • SOUTHEASTERN PA • TAX ISSUES/ACCOUNTING • COMMERCIAL BROKERAGE DIRECTORY Contact Lea Christman For more info: lea@marejournal.com
383-Bed Student Housing Property In Bethlehem, Pennsylvania
is a national student housing operator with off-campus hous- ing communities in Georgia, Louisiana, NY, PA, RI, and SC. Luke DeLuca , managing director of GREA, stated “All of the properties are situated in the South Side section of
Bethlehem in some of the most sought-after locations by stu- dents living off campus and are within close proximity to one another for ease of man- agement.” DeLuca added that “The geography of the area poses significant barriers to
entry for any new development projects. In addition, city ordi- nances make it challenging to convert properties into student housing unless they are within a certain zone or have already been grandfathered into the system.” MAREJ
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