(To read more on the industrial market, click here.)
VINELAND, NJ- Pharmaceutical glass manufacturer Gujarat Glass International has leased 100,000 sf of warehouse space at 3100 North Mill Rd. here in a medium-term deal. It has also signed a long-term deal for 6,130 sf of office space at the Lake Center Executive Park in Marlton, which will be its new US corporate headquarters.
Exact lengths and terms of the two deals were not disclosed. Gujarat Glass, a subsidiary of Mumbai, India-based Piramal Enterprises Ltd., will use the Vineland facility as its main US distribution center. The company recently acquired manufacturing operations from Millville-based Glass Group Inc. in Williamstown and Mays Landing, as well as Flat River, MO.
The Philadelphia-based Binswanger was the sole broker in both transactions. Senior vice president Marc Policarpo negotiated the industrial deal, and worked with vice president Robert Corr on the office deal. The industrial deal was only done on a medium-term basis because Gujarat anticipates expansion, Policarpo says.
The 432,000-sf industrial building at 3100 North Mill Rd. is owned by Vineland Construction Co., a real estate division of National Freight, headquartered in Waxahachie, TX. Vacant space in the building is marketed at $4 per sf.
The office space at Lake Center Executive Park, a 76,359-sf, three-story class A building at 10 Lake Center Executive Parkway, is owned by the Plymouth Meeting-PA-based Brandywine Realty Trust. Going rates for space are not given by Brandywine, but Policarpo estimates class A space in the area to go for $21 to $23 per sf on average. Gujarat will be relocating 35 employees from its existing Williamstown office.
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