{"id":1004039972,"date":"2012-04-10T06:19:30","date_gmt":"2012-04-10T14:19:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004038214"},"modified":"2022-12-08T04:52:08","modified_gmt":"2022-12-08T12:52:08","slug":"mra-group-sells-800-ksf-pennsylvania-tech-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mra-group-sells-800-ksf-pennsylvania-tech-park\/","title":{"rendered":"MRA Group Sells 800 KSF Pennsylvania Tech Park"},"content":{"rendered":"<p><strong>By Barbra Murray, Contributing Editor<\/strong><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/04\/041012-TEK-Park-Building-1.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004038215\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/121611-masthead_i__ii-300x182\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/121611-Masthead_I__II-300x182.jpg\" data-orig-size=\"300,182\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"121611-Masthead_I__II-300&#215;182\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/121611-Masthead_I__II-300x182.jpg?w=300\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/04\/041012-TEK-Park-Building-1.jpg\" alt=\"\" title=\"041012 - TEK Park - Building 1\" width=\"300\" height=\"224\" class=\"alignright size-medium wp-image-1004038215\" \/><\/a><\/p>\n<p>&#8220;Opportunity,&#8221; Brian Sundermeir, a vice president with MRA Group, responded to <em>Commercial Property Executive<\/em>. That was the reason why MRA Group decided to sell TEK Park, an 800,000-square-foot technology campus in Pennsylvania&#8217;s Lehigh Valley. The real estate company&#8217;s affiliated entity, Hamilton TEK Partners L.P., has bid adieu to the asset, handing the property over to a New York-based investment group and walking away with more than $50 million on the deal.<\/p>\n<p>TEK Park&#8217;s location in Breinigsville places it within 65 miles of Philadelphia and at the center of the Mid-Atlantic region, where it has become one of the top technology centers since its transformation from a headquarters campus to a multi-tenant destination. MRA began the conversion of the former home of AT&amp;T Optoelectronics in 2005, after acquiring the nine-building property from TriQuint Semiconductor Inc. for $9.3 million.<\/p>\n<p>&#8220;There was a lot of investment in sweat equity, in getting the place leased up from somewhere around 15 percent up to 90 percent,&#8221; said Sundermeir. &#8220;There was a lot of effort that can&#8217;t be quantified in real dollars.&#8221;<\/p>\n<p>The transformation of the 137-acre compound, the first building of which originally debuted in 1988,marked MRA&#8217;s first foray into multi-tenant, tech center development, after  having spent years of building mostly smaller, single-tenant, healthcare-related properties. Today, TEK Park offers more than 500,000 square feet of premier office space, clean-room and laboratory accommodations and R&amp;D space, as well as an approximately 250,000-square-foot data center that holds the distinction of being the largest such facility in the region. Additional offerings at the business park include a fitness center, a 1.5-mile hiking and walking trail, a 5,000-square-foot daycare center and an on-site helipad providing seven-minute access to Lehigh Valley International Airport.<\/p>\n<p>Investors took notice when TEK Park hit the market. &#8220;Considering the number of people who would have interest in a property of this type, we had very good response,&#8221; Sundermeir noted.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MRA Group has sold TEK Park, an 800,000-square-foot technology campus in Pennsylvania&#8217;s Lehigh Valley, to a New York-based investment group for more than $50 million.<\/p>\n","protected":false},"author":1201,"featured_media":1004039368,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21752,21742,10,21747],"tags":[],"class_list":["post-1004039972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-mixed-use","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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