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Garnet Plaza Moves Dirt for Third Building

BOOTHWYN, PA-With occupancy at 68% in its first building and a BTS underway, the developer breaks ground for a 64,000-sf spec building.

By Marita Thomas | Updated on January 04, 2008

[IMGCAP(1)]BOOTHWYN, PA-Wood Duck Real Estate LP, the locally based developer of Garnet Plaza, has broken ground for a third building in its planned six-building 300,000-sf class A flex business park just off Rte. 322. Space in the first 43,280-sf building is 68% spoken for by a mix of tenants and condo buyers, and a 26,000-sf built-to-suit is underway for an unidentified local user.

The third building is a 64,000-sf flex building, designed as a multi-tenant facility, which is being built on spec. As with the first building, space is being offered for sale or lease. Steve Italiano, SVP in the Wayne office of CB Richard Ellis, is handling sales and leasing for the entire park, which is a former DuPont site within five minutes of I-95 and Rtes. 1 and 202.

[IMGCAP(2)]Italiano represented the owner in two condo sales, aggregating 7,560 sf, and three lease agreements for a total of 22,040 sf in building one at 3060 Plaza Dr. in the park. He also represented LA Lords LLC in its acquisition of a 4,560-sf condo. Touch Pro acquired a 3,000-sf condo. Italiano tells GlobeSt.com that condo sales start at $122 per sf.

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