In a statement, Scott Belfer said that CBRE was brought in "totake a hard look at Franco Apparel's options in a marketplace thatis currently favorable to tenants. With over a year to go on theirlease, and a strong desire to remain in the Exit 8A submarket, CBREnegotiated a long-term lease renewal, with an immediate reductionto the rental rate on their behalf."

Franco Apparel has been a tenant in the building since 1999.According to Scott Belfer, the tenant was able to "achieve asignificant reduction in its rental cost for the remaining term ofits current lease, as well as on the extension period."

The property is situated adjacent to the New Jersey Turnpike,within close proximity to the Ports, New York City andPhiladelphia. Amenities include 33-foot clear ceiling height, withESFR sprinkler system. A Q3 report from Grubb & Ellis pegsasking rents in warehouse/distribution space in the Exit 8A marketat $4.03 a square foot.

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