The expansion involves a new lease that adds 15,734 sf to thecompany's occupancy at the one-story building. Added to itsprevious tenancy of 24,400 sf., the company's occupancy now totals40,134 sf, a move that brings the 55,000-sf building to fulloccupancy. The building at 510 Pedricktown is part of athree-building complex within the larger Pureland that totals237,500 sf.
The owner of the property, a fund managed by Cobalt CapitalPartners, was represented by Kurt Montagano, SVP of industrialtransactions in the Marlton, NJ office of Grubb & Ellis.
"Local companies' growth was a large contributor to SouthJersey's industrial real estate activity in 2007 as vacancy rateshave dropped to only 6.3%," says Montagano, referring to G&E'sresearch of the market.
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