Industrial Park Snags 322,000 SF

WESTAMPTON, NJ-Brokers from Jackson Cross Partners have orchestrated a pair of deals that will take a total of 322,360 sf off the South Jersey industrial market. The two deals come at the locally based Dolan Organization's Rancocas Park industrial complex in this Burlington County community.

Office Depot has signed a lease for an existing 112,360-sf building at 111 Ikea Dr. within the park, which is situated adjacent to 1-295 near the New Jersey Turnpike. Office Depot, which sells via its chain of retail stores, through direct mail and through contract delivery, is taking over a building once occupied by National Medical Care.

"The building leased by Office Depot is situated on 9.6 acres and has the opportunity for an expansion of up to 60,559 sf," says Lou Battagliese of the King of Prussia, PA-based Jackson Cross, who co-brokered the deal with JC colleague Harry McKenna. "The building provides access to both i-295 and the Turnpike, so it's suited to meet their requirements."

Terms of the signing were not disclosed. The availability had been on the market with an asking rate listed as "negotiable." Office Depot will utilize the space for a combination of offices, warehouse and distribution activities, according to McKenna.

The Office Depot signing comes as Jackson Cross has concluded a deal for a new 210,000-sf W/D facility for the Standard Register Co., the Dayton, OH-based document services provider, on another site within Rancocas Park. The building is already under construction and is slated for delivery later this year. Dolan Contractors, the construction arm of the Dolan Organization, is doing the build-to-suit project for Standard Register. Terms were not released.

Office Depot and Standard Register join a tenant roster headed by furniture purveyor Ikea, which has a 1.1-million-sf W/D facility within the park and an application before local officials to build a second facility. Other users in Rancocas Park include Subaru, New Century and Dunkin Donuts.