Colliers International Arranges Industrial Sublease Near Philadelphia
- Dec 02, 2020
Maxon Auto Corp., a fast-growing performance auto parts firm, has subleased 140,800 square feet at 500 Griffith Morgan Lane in Pennsauken, N.J., from Misfits Market, an organic produce subscription box service that moved to a new 250,000-square-foot, build-to-suit facility in Delanco, N.J., in October.
Ian Richman, senior managing director, and Marc Isdaner, senior managing director and principal, both of Colliers International’s Mount Laurel, N.J., office, represented Misfits Market in the subleasing. Misfits Market focuses on the direct-to-customer delivery of affordable misfit fruits and vegetables that the company ships to about 30 states throughout the East Coast, South and Midwest. Misfits Market had been in the Pennsauken space since April 2019 before moving to the newly constructed facility at 1000 Coopertown Road in Delanco. At the Pennsauken location, Misfits Market employed about 300 people but has already more than doubled its workforce at the new site. Since it was founded in 2018, Misfits Market has rescued more than 2.5 pounds of produce that would have gone to waste.
Maxon Auto Corp. has also been growing rapidly, moving from a facility with about 19,000 square feet elsewhere in Pennsauken, to the newly subleased space at 500 Griffith Morgan Lane. The building, constructed in 1972 on 7.32 acres, has 24-foot clear heights, 29 loading docks and three drive-in doors. The property, which is owned by Industrial Investments Inc., has quick access to Routes 130, I-95, I-295 and the New Jersey Turnpike and is 10 minutes to Philadelphia’s Center City.
Isdaner and Richman were the brokers in a 32-building industrial portfolio sale in August in Pennsauken that totaled nearly 1.2 million square feet of space. The Bloom Organization sold the portfolio to a joint venture of Wharton Industrial and an investment fund affiliated with Walton Street Capital LLC for an undisclosed amount. Colliers was the sole broker in the transaction and was retained to lease and manage the properties for the new ownership group. The properties offered easy access to Philadelphia via the Betsy Ross and Tacony-Palmyra Bridges.
In October, two industrial assets totaling 390,498 square feet in Pennsauken were sold for $18 million by Simmons Pet Food to two buyers. One of the sites, an 189,498-square-foot building located at 9130 Griffith Morgan Lane, was sold to Kenover Marketing. The larger property, a 201,000-square-foot building at 6851 River Road, was sold to KB Furniture. Binswanger Commercial Real Estate arranged both sales.