Thank you for sharing!

Your article was successfully shared with the contacts you provided.

[IMGCAP(1)]BOOTHWYN, PA-Wood Duck Real Estate LP, the locally based developer of Garnet Plaza, has broken ground for a third building in its planned six-building 300,000-sf class A flex business park just off Rte. 322. Space in the first 43,280-sf building is 68% spoken for by a mix of tenants and condo buyers, and a 26,000-sf built-to-suit is underway for an unidentified local user.

The third building is a 64,000-sf flex building, designed as a multi-tenant facility, which is being built on spec. As with the first building, space is being offered for sale or lease. Steve Italiano, SVP in the Wayne office of CB Richard Ellis, is handling sales and leasing for the entire park, which is a former DuPont site within five minutes of I-95 and Rtes. 1 and 202.

[IMGCAP(2)]Italiano represented the owner in two condo sales, aggregating 7,560 sf, and three lease agreements for a total of 22,040 sf in building one at 3060 Plaza Dr. in the park. He also represented LA Lords LLC in its acquisition of a 4,560-sf condo. Touch Pro acquired a 3,000-sf condo. Italiano tells GlobeSt.com that condo sales start at $122 per sf.

Walgreens, also represented by CBRE, is the largest tenant with a 10-year lease for 9,120 sf, which it will use for a computer service center. Melville, NY-based medical supplies distributor Henry Schein Inc., which was represented by the area office of Stamford, CT-based USI Real Estate, inked a seven-year lease for 8,360 sf. Alloy Surfaces, represented by Philadelphia-based Binswanger, has leased 4,560 sf for five years.

With these agreements, just over 13,000 sf remains available in the first building. Italiano says “the base rent rate for warehouse space is $6.50, triple-net, and the office rate gets blended in.”

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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 © 2020 ALM Media Properties, LLC. All Rights Reserved.