This is one of eight recent leases aggregating more than 80% of the two-story flex building that have been signed within the past approximately year and a half. In 2005, a tenant that occupied 70% of the building exited, and the owner, Arthur Rudner of Rudner Real Estate Development, which is also based in Mt. Laurel, handed the lease-up to GVA Smith Mack.
Beth Maggitti and Todd Westby are exclusive agents for the property, which was built in 1979, and they represented Rudner in the transaction. Maggitti tells GlobeSt.com that some space had been vacant for some time, and now the building is more than 90% leased.
She credits Rudner with being "very creative and effective in meeting the needs of new tenants." Maggitti declined to disclose the value of the transaction. According to GVA Smith Mack's website, the asking rent ranges between $8 per sf and $12 per sf, NNN.
Peter Strickler and Reid Blynn, also of Wayne-based GVA Smith Mack, represented InternetFitness.com. It sells fitness equipment online and, through its Smooth Fitness brand, is the leader in the online segment of the fitness equipment market.
In a statement, Joe Alter, CEO, says that because of "significant growth, we saw a need to establish new distribution centers. As part of that process, we decided that our headquarters no longer needed to be just part of a warehouse, but something more." The Hessian Hill property and the location's proximity to staff in the Philadelphia area "made it a perfect choice," he adds.
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