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Mid Atlantic Real Estate Journal — New Jersey — October 11 - 24, 2013 — B
Zweben represents Ironstone Village, LLC in 15,324 s/f lease at 1020 Laurel Oak Rd. Isdaner of Colliers International’s Southern New Jersey office concludes 80,000 s/f sale in Bellmawr
ellmawr,NJ — Col- liers International ’s Southern New Jersey
office recent- ly concluded the sale of an 80,000 s/f industrial fa- cility located wi thin the I n t e r s t a t e B u s i n e s s Park in Bell- mawr. The
321 Benigno Blvd.
liers International’s Southern New Jersey office recently concluded a 15,324 s/f lease at 1020 Laurel Oak Rd., a three- story, class A office building in Voorhees. NVR, Inc. will be relocating operations from both Voorhees and Sicklerville into this new location. This lease brings the building’s occupancy to over 97%. The successful completion of this transaction involved the repositioning of some existing tenants in order to free up a contiguous block of space for NVR. Originally, Evan Zwe- ben of Colliers International was marketing the building’s non-adjacent suites (ranging in size from 2,500 to 5,500 s/f) but immediately shifted gears
when he learned NVR was in the market for 15,000+ s/f. “The current office market is highly competitive and moving tenants around certainly isn’t an ideal option,” said Zweben, “but the building’s ownership group was willing to discuss the possible ways to free up the space for a tenant of NVR’s stature, while keeping the ex- isting tenant base happy.” “The success of this transaction is a testament to the collaborative spirit that existed between ownership, current tenants, brokers, and NVR; everyone worked together to make this a success.” Zweben added. Zweben represented the own- ership, Ironstone Village, LLC and RickWiderman of Jones Lang LaSalle represented the
property at 321 Benigno Blvd. is a one-story distribution fa- cility consisting of two 40,000 s/f units on 4.5 acres. The property is currently occupied by long-term tenant Comcast IP Services. The buyer was a local investor who was looking for a net leased building in a good location. Marc Isdaner , senior vice president and principal at Colliers International facili- tated the sale, and added that Interstate Business Park is surrounded by four major high- ways and less than 10 minutes to Philadelphia, the airport or the ports and is an ideal loca- tion for tenants who serve the Delaware Valley. In a second transaction, Col- Westampton, NJ — The Flynn Company announced the signing of a long term lease for approximately 52,543 s/f at 400 Highland Dr. in The Highland Business Park, We- stampton. The tenant, Firebird Presort, LLC. focuses on providing full service postal optimization strategies, helping its mail cus- tomers reduce postal costs. The landlord, Invesco Real Estate, was established in 1983 and manages in excess of $50 billion of real estate investments which include direct property investments in the United States, Europe andAsia, as well as global real estate securities. With more than 300 employees in 17 of- fices worldwide (including New
1020 Laurel Oak Rd.
new tenant, NVR, Inc. Cherry Hill, NJ — Col- liers International represented Endurance Real Estate Group in the lease of a 13,542 s/f warehouse facility at the Cherry Hill Business Park to Forgotten Boardwalk Brew- ing, LLC (represented by NAI Mertz ). The site, located at 1940 Olney Ave., Unit 100, was formerly occupied by Flying Fish Brewery. According to Jamie Queli, CEO of Forgot- ten Boardwalk Brewing, “The location for the brewery’s home was deliberate, taking over the space formerly occupied CHERRY HILL, NJ — A joint venture of Bergman Real Estate Group and Time Equities, Inc. (TEI) announced that Benefits Consultants Group, Inc., has signed a 21,000 s/f lease at 51 Haddonfield Rd., a 100,000 s/f office building in Cherry Hill. The bui lding ’s l eas ing agents, Newmark Grubb Knight Frank senior manag- ing director Anne Klein and director Brian Sherlock , represented ownership in the transaction. Ken Clyman of Ken Cly- man Realty and Klein co- brokered the transaction on behalf of the tenant. “When we started working with Benefits Consultants Group two years ago, the com- pany was content to stay put
by Flying Fish Brewery; they grew to be New Jersey’s biggest micro-brewery in that spot and crafted some excellent beers in that very building.” “Forgotten Boardwalk Brewing plans to carry on that tradition.” Other recent activity in the Cherry Hill Business Park has included Tasty Baking’s relocation of their South Jersey distribution facility, Legacy Pharmacy’s expansion from Arizona, the purchase of a 50,014 s/f flex facility by Best- work Industries for the Blind, and the internal expansion of The Garr Group, who more than doubled in size. n
Ricci and Rod of The Flynn Co. represents Invesco in 52,543 s/f lease in Westhampton
Bergman Real Estate & Time Equities announce 21,000 s/f lease
in the single-story industrial park building that it had oc- cupied for a long time,” Cly- man said. “However, thanks to an aggressive economic en- vironment, the company was thrilled to learn that it could secure a flexible and tenant- friendly lease at 51 Haddon- field Road. The move allows the tenant to dramatically upgrade its company image and headquarters facility.” n 51 Haddonfield Rd.
400 Highland Dr.
York), the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for over 25 years, contributing to the
consistent implementation of Invesco’s investment strategy and resulting performance. David Ricci and Tony Rod of The Flynn Company, based in Philadelphia, represented the landlord in the transac- tion. n
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