"We like the Interstate 80 corridor and its relationship to the new Interstate 355 extension, and this site is adjacent to Cherry Hill, one of the premier parks in the corridor," Tim Thompson, EVP and managing director of HSA's industrial brokerage division, tells GlobeSt.com. "For us, it was a really good opportunity for industrial space that's not too large and not too small. It's a really nice infill site that will make a good development in the future."

HSA plans to begin construction on the property in the late second or early third quarter of this year. The building is planned to be divisible to about 25,000-square-foot units, Thompson says. It will offer tenants drive-in doors and trailer parking. The company hopes its development will be unique in appealing to smaller users, while the rest of the market immediately surrounding targets big-box users. Asking lease rates in the development are planned to be in the mid-$5, net, Thompson says, but could vary slightly dependent upon the cost of construction for the building, which has not yet been determined.

Thompson says the company feels confident in its ability to find tenants despite the contracting economy. "We got a very competitive price on the land and this isn't too big of a development," Thompson says. "There's risk involved - don't get me wrong - but it's not a million-square-foot development. We've done smaller deals where we've had a ton of activity lately, and Cherry Hill Business Park, which we're adjacent to, has landed several large deals over the last year." The company plans to begin marketing the property this month.

The property was sold for an undisclosed price to HSA by a private investment group, which was represented by Laurence Lewis with CCS Inc. in the transaction. Thompson represented HSA in the search for the site, which is a mile from four-way interchanges at I-80 via Route 30 and Briggs Street, and offers 520 feet of frontage to the interstate.