The single-story 230,000 sf industrial building, owned and managed by I. F. Dicenso Trust, is located at the intersection of Routes 129 and 93. It is in the process of under going a complete renovation including new exterior skin, HVAC systems, roof, parking lot and landscaping.

Compass, a distributor of specialty commercial floor covering, is the latest in a series of recent new tenants in the building. Within the past few months, S.G. Torrice Co. took 81,000 sf, Sealed Air took 30,000 sf and E.A. Spry took 28,000 sf.

The deals are indicative of the state of the industrial market in the suburbs. While the office market in this area continues to struggle to fill space, the industrial sector remains relatively healthy. According to fourth quarter statistics for 2002, the availability rate for industrial space in the suburbs was 9.7% as compared with 21.9% availability rate for office space.