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[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.”

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