Packaging Co. Renews, Expands to 221,000 SF

An affiliate of the Philadelphia-based Berwind Property Group owns 51 Commerce Dr. Berwind acquired the asset earlier this year for BPG Investment Partnership VI, a $384-million private equity fund it sponsors.

"Their business is growing, and we are excited to accommodate that growth," Dan DiLella, Jr., project executive for BPG, tells GlobeSt.com. "We are also excited about having a presence in the 8A market, and we are looking forward to expanding that presence." 8A refers to Exit 8A of the New Jersey Turnpike and the Central New Jersey real estate market surrounding it. BPG's acquisition of the building this past spring marked the company's initial foray into what is one of the Garden State's top industrial submarkets.

The lease renewal is for a five-year term, running through Dec. 1, 2009, according to DiLella. Brian Knowles and John Maloney of CB Richard Ellis, which has the leasing exclusive for the asset, represented BPG. The firm was also represented in-house by DiLella, and by vice president Chris Locatell. Further terms of the lease were not disclosed.

51 Commerce Dr. totals 268,103 sf on one floor, with Market Resource Packaging occupying most of that. The remaining 46,765 sf is currently vacant and being marketed for lease, according to DiLella. The asset, which also includes approximately 10,000 sf of office space, has 24-foot clear heights.

Located about halfway between New York City and Philadelphia, the building was constructed in two phases, according to DiLella. The original 158,000-sf facility was built in the early 80s, and expanded by 110,000 sf in the mid 90s.

The tenant's contract packaging services include everything from wrapping and branding, to POP display design and assembly, labeling, mailing, CD-ROM assembly and more. MRP serves a variety of industries, including consumer electronics, household products, HABA, pharmaceutical/medical/healthcare, automotive, telecom and food and beverage.