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UPPER CHICHESTER TWP., PA-West Chester-based RedGo Development has signed two long-term leases for the 32,360-sf spec flex facility under way at Four Creek Parkway in Naamans Creek Corporate Center. They have an aggregate value in excess of $3 million and take occupancy to 100%.
The larger tenant, Pentec Health Inc., is relocating from 106 Chelsea Pkwy. in Boothwyn to 23,510 sf in the new building, where RedGo is completing 80% of the tenant's total space into a pharmacy/clean room, according to Jim Reading, RedGo's president. Pentec is a specialty pharmacy firm that provides niche therapies, including a nutritional supplement for dialysis patients.
Lamons Gasket Co., a subsidiary of Houston-based TriMas Co., has leased the remaining 8,850 sf, which Reading says will consist of approximately 80% warehouse and 20% office space. Steve Italiano, senior vice president in the Wayne office of CB Richard Ellis, represented Lamons in the transaction.
Over the past six years, RedGo has completed more than 250,000 sf of spec space in the 125-acre Naamans Creek center. According to Fred Goebert, vice president of marketing, much of that space has been leased prior to receiving certificates of occupancy. However, "this is the first time an entire building has been placed under long-term space contracts before it was completed," he says.
As a result of the preleasing, Reading tells GlobeSt.com his company has accelerated completion from January to this December to accommodate the tenants' requirements. RedGo will also break ground on Dec. 1 for a two-story, 18,000-sf spec office building on the same lot. Reading says, "It will be a class A facility, and the asking rent rate is $18 per sf, triple net.
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