The owner/operator of cemeteries and funeral homes is relocating and expanding its headquarters. As GlobeSt.com recently reported, StoneMor has just entered into an agreement to buy 45 cemeteries and 30 funeral homes, which represents a 37% expansion of its current portfolio.
This lease takes occupancy in the New Rodgers Road building to 82%, according to a spokeswoman for the owner, the Wilmington, DE-based Buccini/Pollin Group Inc., which also has offices in suburban Philadelphia, Baltimore, Washington, DC and New York City. The asset, which is just off I-95, was fully renovated in 2002, she says.
Doug Newbert and Patrick Nowlan of Wayne-based GVA Smith Mack represented the owner in the negotiations. Brian Lafond of Plymouth Meeting-based Gola Corporate Real Estate represented StoneMor.
The owner's spokeswoman says the rent rate in the building "is negotiable." According to a third-quarter report from the Philadelphia office of Cushman & Wakefield, the average class A rent rate in Lower Bucks County is $26.97 per sf, while a Studley report pegs the office rate in this submarket at between $26.86 per sf and $27.44 per sf.
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