The expansion involves a new lease that adds 15,734 sf to the company's occupancy at the one-story building. Added to its previous tenancy of 24,400 sf., the company's occupancy now totals 40,134 sf, a move that brings the 55,000-sf building to full occupancy. The building at 510 Pedricktown is part of a three-building complex within the larger Pureland that totals 237,500 sf.
The owner of the property, a fund managed by Cobalt Capital Partners, was represented by Kurt Montagano, SVP of industrial transactions in the Marlton, NJ office of Grubb & Ellis.
"Local companies' growth was a large contributor to South Jersey's industrial real estate activity in 2007 as vacancy rates have dropped to only 6.3%," says Montagano, referring to G&E's research of the market.
The tenant will continue to use its expanded space as a warehousing and distribution center. Terms of the lease expansion were not released.
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