Thursday, September 13, 2012

Subaru is out for 225,000sf

by Natalie Kostelni

It is searching the South Jersey market for some options, which are limited unless it’s new construction or conversion of an existing industrial building. Subaru couldn’t be reached for comment.
The company moved into its current national headquarters at 2235 W. Marlton Pike in 1986 in Cherry HIll, N.J., according to its website. The seven-story building cost $18 million to construct and totals 115,000 square feet. About 300 Subaru employees work there.
It also maintains other space in South Jersey. It has an operations center in a 59,000-square-foot building in Pennsauken, N.J., where it has about 200 employees from its customer loyalty, government relations, parts, service, financial services and other departments. It also has a regional office and warehouse in Westampton, N.J., according to its website.
The company also recently agreed to have a mega distribution center and training facility built. NFI Real Estate of Cherry Hill broke ground last month on a 526,050 square-foot building at NFI Park at Florence Crossings at 2020 Route 130 N. in Florence, N.J. It is a short distance from the New Jersey Turnpike and Pennsylvania Turnpike extension and is considered to be the largest built-to-suit development in New Jersey this year.
Subaru got some breaks for the project. It took advantage of a program called Payment In Lieu Of Taxes, which is a tax incentive provided by Florence. The building is expected to be completed by June 1, 2013. 

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