BETHLEHEM, Pennsylvania _ Morganelli Properties, a residential and commercial real estate company, has purchased the iconic building across from Liberty High School at 1124 Linden Street for its new headquarters. The locally owned real estate company plans to renovate the building, formerly an ice cream shop and pharmacy, and open its new headquarters in Bethlehem by summer.  Jeff Barber of Lehigh Financial Group LLC helped brother/owners John and Chris Morganelli obtain an SBA loan to purchase the property for $820,000 and complete the renovations. The deal closed at the end of February.

Morganelli Properties is currently located at 1057 Main Street in Hellertown in space it rented when the firm opened four years ago. Vice President Chris Morganelli said, “We are super excited about this move. Our new headquarters are going to be state-of-the-art, really tasteful and classy.”

Chris and his brother John, who is president of the firm, grew up in Bethlehem and would go on family outings to the ice cream shop, Nuts About Ice Cream, which recently closed after 33  years in business. Lucy Lennon of Morganelli Properties was the listing agent for the 7,500-plus square-foot building that has two rental units on the second and third floors and that will remain.

Morganelli Properties has more than 40 members of its real estate family most of whom work remotely, but will be able to use the first-floor headquarters when renovated. Heather McFadden is the broker of record and an owner of the firm. She, too, said she is excited to move to an “iconic building” in such a “prime location.”

“We plan to hold a grand opening and show the public what we’ve done when it is ready,” Chris said. “We are expecting the renovations to take two to three months and they are starting now.” Renovations are planned for both inside and out.

Chris said that Morganelli Properties’ buying the building makes a statement to the community: “We are here and not going anywhere.”

Barber said, “This property is an excellent location with high viability for Morganelli Properties to continue to grow and expand their business.” Barber said he was happy to help with arranging the financing for the acquisition of real estate. 

Lehigh Financial Group, LLC is a leading source of innovative real estate capital solutions and financing options for commercial customers. The company, based in Allentown, serves the Lehigh Valley region by providing capital for businesses and investors locally, regionally and nationwide. For more information on Lehigh Financial Group LLC, please see our website at http://www.lehighfinancialgroup.com.

Information provided to TVL by Beth Orenstein on behalf of:
Lehigh Financial Group, LLC
122 North 5th Street
Allentown Pa 18102
http://www.lehighfinancialgroup.com/

 

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