The New Castle, DE-based Emory Hill development arm builtPureland VI back in 1991 as a build-to-suit warehouse/distributionfacility for Becton, Dickinson and Co., and the latter hascontinued its full occupancy of the asset for distribution of itsmedical devices, instrument systems and reagents ever since. AndBecton, Dickinson recently signed a lease extension running throughAugust 2013 for the site.

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"It's a first-rate warehouse and distribution property," saysMichael Hines, executive vice president of CB Richard Ellis'Greater Philadelphia Investment Property-Institutional Group ofWayne, PA. He teamed with fellow CBRE EVP Robert Fahey in themarketing and eventual disposition of the asset on behalf of EmoryHill. "The property has a stabilized income stream from an A+positive/A1 S&P rated tenant."

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The Pureland VI building is located on more than 77 acres nearExit 10 of I-295, and within the Pureland Industrial Complex. Thelatter is a 10 million-sf industrial park that spreads out oversome 3,000 acres in South Jersey. The Pureland VI property also hasall permits in place to expand by an additional 172,000 sf,although no specific plans have been announced.

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