Manufacturer Expands Presence at PA Industrial Building to 395,000 SF
The lease expansion was announced by building owner Novaya Foxfield Industrial LLC (Foxfield), the Mid-Atlantic arm of Novaya Real Estate Ventures of Boston. With the new deal, Barry Callebaut now leases 395,000 square feet of space at the 465,680-square-foot building.
EDDYSTONE, PA—Barry Callebaut, a chocolate and cocoa manufacturer, has signed on for an additional 186,000 square feet of space at 1001 Industrial Highway here.
The lease expansion was announced by building owner Novaya Foxfield Industrial LLC (Foxfield), the Mid-Atlantic arm of Novaya Real Estate Ventures of Boston. With the new deal, Barry Callebaut now leases 395,000 square feet of space at the 465,680-square-foot building.
Novaya Foxfield Industrial secured more than $23 million in financing for its purchase of the four-building warehouse complex in December 2018. The buildings are located on 43.7 acres, just off Interstates I-95 and I-476, one exit south of the Philadelphia Airport.
“We are excited to announce our expanded relationship with Barry Callebaut, and thankful for the collaborative process that led to filling this vacancy for the first time in five years. Foxfield will be spending significant capital upgrading the facility to meet their specifications and increase their efficiency from production to distribution,” says Foxfield principal Jeff Harper.
Hugo van der Goes, Barry Callebaut’s VP, Cocoa, North America, says, “Doubling our Eddystone, PA factory footprint is an important step in our cocoa growth journey. The additional space will enable us to add manufacturing lines for cocoa products and to grow our domestically-produced line of powder & butter.”
Michael Burns, Trevor Ragsdale, and Paul Torosian of JLL represented Barry Callebaut in the transaction.
Novaya Real Estate Ventures has been very active this month. The firm and Wheelock Street Capital sold 1 Technology Drive, a 100,000-square-foot office building in Andover, MA to Sunset Rock, LLC.
Earlier this month, Novaya Real Estate Ventures acquired nine flex/industrial buildings from Wakefield Investments consisting of 700,000 square feet in Wilmington, MA, Billerica, MA, and Londonderry, NH.
In another deal in Andover, International MedTech company Dräger Medical Systems signed a 128,000-square-foot lease renewal for its North American headquarters at 6 Tech Drive in Andover. Dräger plans to complete a full refurbishment of the facility over the next 18 months.
Michael Dalton, Blake Baldwin, Sharon Joyce, Deanne Munger and Joel Schur of Cushman & Wakefield represented Dräger in the transaction, with landlords Novaya Real Estate Ventures and Wheelock Street Capital.