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PHILLIPSBURG, NJ-Ingersoll-Rand has been trying to redevelop its sprawling industrial site in this Warren County town, and the process has taken a small step forward with the announcement that Village Bus Co. Inc. has signed a 10-year lease for 12,000 sf, according to James Sladack, I-R’s vice president of real estate. The Lafayette, NJ-based tenant, which provides school buses to a number of districts in northwestern New Jersey, will use the site as one of four branch offices.

In addition to its lease with Village Bus, I-R is currently in the advanced stages of negotiating leases with at least two other companies, according to Sladack. He says that the site “continues to generate interest from other prospective tenants. The market’s reaction to our space has been very enthusiastic.”

Ingersoll-Rand had operations here for almost a century, before its remaining interests were sold in 2000. About a year ago, according to Sladack, the company began to carry out the mixed-use redevelopment of the sprawling 385-acre property (see earlier story). The project includes the repositioning and marketing of some 40 existing industrial and office buildings totaling almost one million sf of space.

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