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FAIRLESS HILLS, PA-Two lease agreements aggregating 150,000 sf in the Penn Warner Industrial Park have increased occupancy in the 240,000-sf center to more than 95%. Locally based Smart Management Group has expanded from 90,000 sf to 120,000 sf at 270 and 290 Canal Rd., and Hydrofarm has signed a lease for 30,000 sf at 199 Canal Rd.
Bala Cynwyd-based Endurance Real Estate Group owns the four-building, 240,000-sf industrial park in partnership with New York City-based Assurant. It consists of four 60,000-sf, rail-served buildings that were completed in 1970. Each has nine tailgates and a drive-in door, and all have 24-ft clear ceiling heights.
William White, Endurance CEO, tells GlobeSt.com the rental rate on the newest transactions was "over $4.50 per sf." Endurance and Smart Management represented themselves in the expansion agreement. Joe Stephenson of the area office of Grubb & Ellis represented Hydrofarm, and Andy McGhee of Philadelphia-based Colliers Lanard & Axilbund represented Endurance.
Smart Management, which provides warehousing and delivery services for major corporations, is a subsidiary of Hoboken, NJ-based CTX Group. Petaluma, CA-based Hydrofarm is the country's largest producer of hydroponic horticultural products and grow lights.
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