The Arrow lease "is one of the most significant leases recorded in the local market in more than a year," according to Frank Duran, director of commercial leasing for Lakewood, NJ-based Lighthouse Group, which owns the office facility. Duran says this market "only generated a total of 45,000 sf of leases in all of 2003."
Arrow makes disposable critical care catheterization and cardiac diagnostic products. The new space is for administration offices. Tony Hayden Jr. of Conshohocken-based Beacon Commercial Real Estate represented Arrow in the negotiations. The value of the lease is undisclosed. On condition of anonymity, brokers familiar with this market tell GlobeSt.com the asking rental rate is probably between $16.50 per sf and $18.50 per sf.
Meanwhile, Sergei Szortyka, president of locally based Quaker Maid, says his firm will begin construction of its new processing plant, located in a Keystone Opportunity Zone here. The state provided a $600,000 opportunity grant for the acquisition of the land and equipment. The plant is expected to open in June 2005 and add 20 people to the company's existing staff of 160 within the first year of operation. Quaker Maid makes a variety of frozen meat products sold under numerous brands.
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