X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

CRANBURY, NJ-Innophos Inc. has signed a lease for a total of more than 35,000 sf of mixed-use space in two buildings at Preferred Real Estate Investments’ Mid-Atlantic Corporate Center here. The signing coincides with the imminent start of a major redevelopment of the campus, which Preferred bought from Rhodia Group, a Paris-based chemical company, earlier this year.

“This signing signifies a new beginning in the redevelopment of Mid-Atlantic Corporate Center,” says Michael O’Neill, Preferred’s chairman and founder This location is generating a great deal of interest because of its location and its existing R&D facilities.”

As reported by GlobeSt.com, Preferred closed on the acquisition of the 83-acre, 14-building, 347,000-sf Rhodia campus back in April. The sale price was not released, but several industry sources put the transaction in the $35-million range. As part of the original sale agreement, Rhodia retained an option to lease back up to 100,000 sf of office space and 50,000 sf of lab space on the site. However, Rhodia has since decided to move its operations to new space at Preferred’s the Bridge Business Center in Bristol, PA.

Innophos, which is actually a spinoff of several segments of Rhodia’s North American operations, is an international producer and distributor of chemical grade phosphates, which it sells to manufacturers of food products. The company’s deal at Mid-Atlantic Corporate Center includes 17,480 sf of headquarters space in one building, which will undergo extensive interior renovations. The company will also occupy 17,711 sf of space in an adjacent building to house its food laboratories and test kitchens. The company is currently housed at 259 Prospect Plains Rd. here.

Major work on the redevelopment of the campus is slated to begin in November, according to O’Neill. Current plans call for seven of the 14 buildings to be razed and the remaining buildings will undergo extensive interior and exterior renovations. Also part of the plan is the clearing of 50 acres in the center of the site to accommodate a new pond and extensive landscaping, O’Neill notes.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.