For example, the 36,700-sf class A office building at 855 Lehigh Ave. is on target because it's already two-thirds preleased. Being developed by an affiliate of the locally based M&M Construction, it will house offices of the US General Services Administration. M&M also plans to relocate its headquarters to the new building.
M&M has picked up a $6.6-million construction loan brokered by Anthony Cuccia of Holliday Fenoglio Fowler LP's Florham Park office. The 30-month, adjustable-rate package came from Columbia Bank.
The two-acre site contains a light industrial building that will be razed to make room for the new building. "This project represents a good example of redevelopment through the reuse of an abandoned industrial site," Cuccia says.
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