In a statement, Scott Belfer said that CBRE was brought in "to take a hard look at Franco Apparel's options in a marketplace that is currently favorable to tenants. With over a year to go on their lease, and a strong desire to remain in the Exit 8A submarket, CBRE negotiated a long-term lease renewal, with an immediate reduction to the rental rate on their behalf."
Franco Apparel has been a tenant in the building since 1999. According to Scott Belfer, the tenant was able to "achieve a significant reduction in its rental cost for the remaining term of its current lease, as well as on the extension period."
The property is situated adjacent to the New Jersey Turnpike, within close proximity to the Ports, New York City and Philadelphia. Amenities include 33-foot clear ceiling height, with ESFR sprinkler system. A Q3 report from Grubb & Ellis pegs asking rents in warehouse/distribution space in the Exit 8A market at $4.03 a square foot.
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