Mark Stevens, principal of GVA Thompson Doyle Hennessey & Stevens, represented the property owner as exclusive agent, and procured the tenant. The single-story 230,000-sf industrial building is located at the intersection of Routes 129 and 93 and is in the process of under going a complete renovation including new exterior skin, HVAC systems, roof, parking lot and landscaping.
Within the past few months, Compass Flooring Solutions has leased 21,000 sf in the building, S.G. Torrice Co. took 81,000 sf, Sealed Air took 30,000 sf and E.A. Spry took 28,000 sf. These deals are indicative of the state of the industrial market in the suburbs, which has remained relatively healthy, while the office market in this area continues to struggle to fill space. According to fourth quarter statistics for 2002, the availability rate for industrial space in the suburbs was 9.7% as compared with 21.9% availability rate for office space.
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