"For Jacobson, they were looking for space quickly to service their customer, and they have a building down the street so this location works for them," Anthony Pricco, Bridge principal, tells GlobeSt.com. "Honeywell was looking all over the market, and it was a price driven deal so they had focused in the Interstate 55 submarket. It's a well-located building with good frontage and visibility on Route 53, and great access to interstates 55 and 355."
Built in 2001, the property offers 30-foot clear ceilings, 28 docks and two drive-in doors. Honeywell was represented by Andy Sexson of Rosemont, IL-based Colliers Bennett & Kahnweiler and Kevin O'Donnell of O'Donnell Commercial Real Estate Inc. in its lease, while Jacobson was represented by Brian Fogelberg and Michael Svoboda of CB Richard Ellis. Bridge was represented by Vern Schultz and Peter Bourke of Colliers in both deals.
Des Moines, IA-based Jacobson's space offers 5,000 square feet of office, while Bridge is paying for the build-out of 14,000 square feet of office in Honeywell's space. About 70,000 square feet remains available for lease in the building, at asking lease rates around $3.95 per square foot net. The available space is currently undergoing the build out of 2,000 square feet of office.
Built in 2001, the property was initially a single-tenant facility and leased to Newell Rubbermaid. Bridge and McMorgan acquired the property in fall 2007 for $13 million from ASA Properties, a client of Persis Asset Advisors LLC, both based in Honolulu. The property was vacant then, following the expiration of Newell Rubbermaid's lease, and Bridge repositioned the asset, subdividing it into a multi-tenant facility following the acquisition.
Based in Morristown, NJ, Honeywell will consolidate the headquarters, manufacturing and distribution for its Salisbury electrical safety division into this new space next month. The company was drawn to this property in large part by state and local incentives and a real estate tax abatement.
"The key to the Honeywell deal was really those incentives," Pricco says. "Everyone worked really hard on the tax incentives of the deal because of the number and quality of jobs and pay level Honeywell was bringing. Manufacturing users are expanding and adding jobs, and in this tough time, it's a bright spot."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
