State Agency Leases 38,000 SF

BORDENTOWN, NJ-The New Jersey Department of Treasury has signed a lease for 38,257 sf of office space, representing a full building within the Interchange 7 Business Park here. The owner is BPG Properties Ltd., the operating affiliate of Berwind Property Group Ltd. of Philadelphia.

The ownership was represented by Steve Tolcash of GVA Williams Buschman of Lawrenceville, NJ, which has the leasing exclusive for the property. The state agency was represented by Jerry Fennelly of NAI Fennelly, Hamilton, NJ. Terms of the lease were not disclosed.

“The Exit 7 interchange market, as a New Jersey Turnpike exit, is clearly an up-and-coming industrial marketplace,” Tolcash tells GlobeSt.com. “What we are realizing now, based on recent activity, is that with the Turnpike, I-295 and Route 130 all within a half-mile of Interchange Business Park, it is well positioned going forward to attract more office and high-tech type users as well.”

The two-story building was built in 1996 as part of the corporate headquarters for sports equipment purveyor Prince Racquets. Interchange 7 Business Park, then known as Bordentown Interchange Business Park, was acquired by BPG just over a year ago from apparel retailer Benetton.

Besides the building now occupied by the state agency, the 34-acre property also includes an 186,593-sf building that combines office and warehouse/distribution space. Some 15 acres of land within the larger site remains to be developed, with current plans encompassing a 135,000-sf warehouse/flex building, a limited-service hotel and a restaurant. Current zoning allows for office, light industrial, warehouse/distribution, a hotel and retail uses.