DAYTON, NJ-Medicia Holdings LLC has renewed its 250,000-square-foot industrial lease at 2351 Route 130 South, keeping the manufacturer of soaps, shampoos, body washes and perfumes in the state through 2022, says Jones Lang LaSalle.
A Medicia client has a fairly new, vacant facility in South Carolina it was willing to lease to the company, helping the tenant in negotiations with landlord Clarion Partners, says JLL VP Brian Cass.
“They’ve been in there for years, and now they will stay,” Cass tells GlobeSt.com. Medicia also has 100,000 square feet in another building down the street.
Blake Chroman and managing directors Rob Kossar and Joel Lubin also represented the tenant in the transaction, while Cushman & Wakefield executive director Paul Torosian and director Nate Demetsky represented landlord Clarion Partners.
The building was constructed in the 1960s, so the tenant is getting some tenant improvement monies. Cass declined to provide specific rents, but acknowledged that it is in line with the market for an industrial/office/manufacturing building, in the mid $5 per square foot range.
But that may not last long, as the market continues to improve.
“Vacancies are tightening up for industrial,” Cass says. “As long as there is more retail business, there will be warehouses filled with product.”
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© 2024 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.
