DAYTON, NJ-Agfa Corp. has re-signed and expanded its lease at 400 Heller Park Court here, says Heller Industrial Parks. Agfa, a developer, producer and distributor of analog and digital imaging systems and IT solutions, will expand by 100,000 square feet, going from 175,000 square feet to 275,000 square feet in the 419,000-square-foot building.
“We are pleased that Agfa has taken such an impressive amount of space at Heller Park Court,” says Jeff Milanaik, president of Edison, NJ-based landlord Heller Industrial Parks, in a statement. “This transaction marks the continuation of a 20-year relationship between Agfa and Heller. Additionally, it shows the ongoing strength of the industrial market at Exit 8A of the New Jersey Turnpike and is an encouraging sign that the economy could be turning the corner.”
Asking rents for industrial space in the area are around $15 per square foot, according to LoopNet listings. Real Estate Strategies Corporation advised Agfa on the lease deal.
“Considering the combination of Agfa’s expansion and lease extension, in conjunction with favorable market conditions in the NJ Turnpike Exit 8A area, a landlord who understood deal-making, and our firm’s strategic approach to planning and executing Business Driven Real Estate Solutions on behalf of our clients, we were highly successful in achieving dramatic cost reductions on Agfa’s behalf,” says Andrew Zezas, CEO of Somerset, NJ-based Real Estate Strategies Corp., in a separate announcement. “And, as a result of restructuring many of the terms of Agfa’s original lease, we secured significant operational benefits and greater flexibility for the company, thereby reducing its risk, as well.”
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