KPG, based in Conshohocken, PA, had initially acquired the building back in May 2001 from Wellsford Capital Properties LLC for an undisclosed price, and subsequently launched a repositioning of the asset. Following an overhaul of the building--a project which cost a reported $5 million--KPG stabilized its occupancy less than a year later by signing Campbell Soup Co. as its largest tenant. The transaction was brokered by Trammell Crow Co.
Other tenants in the building include Innovative Software, the US Department of Labor, Chilton Engineering and Nave Newell, an engineering and planning firm. Located within the 12-building Executive Campus in this South Jersey community, the four-story Two Executive Center features 25,000-sf floorplates.
Although Two Executive Center is no longer part of its portfolio, KPG still has another project under way in the Camden County market. Earlier this year the company spent $27.5 million to buy Barrington Business Center, a nine-building, 930,000-sf industrial park in Barrington and Magnolia, from the Indiana-based Scannell Properties.
According to company officials, what KPG has in mind for the 89-acre center, which is the former site of an Owens-Corning Fiberglas plant, is to upgrade the existing building stock and add another 150,000 sf of industrial space. The company is also planning to sell a 12-acre parcel for possible age-restricted residential development.
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