Hillsborough-Based Larken Associates Leased 500k Square Feet in 2013. Industrial Leasing Increases by 43,000 Square Feet in New Jersey and Pennsylvania
“We weathered the economic storm well because we provide a good product and we treat our tenants like partners,” said Victor Kelly, Executive Vice President for Larken Associates’ Commercial Division. “It’s exciting to see so many new tenants as well as seasoned tenants signing longer leases which indicates that businesses are feeling more secure.”
“We signed a lot of medical leases in 2013,” said Robert Marek, Executive Vice President for Larken Associates’ Commercial Division. “The way doctors provide care to their patients is evolving and so are their office space needs. We worked tirelessly to make sure they are in the geographic location and type of space they need to provide the best care for their patients.
Medical leases of note include High Focus Centers signing a seven year, three month lease for 6,611 square feet, D & L Dental signing a new 2,191 square foot lease for 10.5 years, and RWJ Physician’s Group signing a new lease for 4,142 square feet for five years at Branchburg Commons in Branchburg, NJ. Additionally, Alatae Medical, LLC signed a five-year renewal for its 3,263 square feet at Amwell Commons in Hillsborough, NJ, Good Shepherd Rehabilitation Hospital signed a five-year renewal for its 2,925 square feet at Maidencreek Towne Center in Blandon, PA, Chinese Acupuncture Healthcare & Allergy Care Center signing a nine year, eight month lease for 2,841 square feet at Montgomery Commons in Montgomery, NJ, Princeton Healthcare System renewed its lease for three years on its 5,384 square foot office at the Princess Road Office Park in Lawrenceville, NJ, and St. Luke’s Warren Hospital renewed its 6,200 square foot lease at Strykers Plaza in Phillipsburg, NJ.
The developer saw a lot of activity at its Hillsborough properties in the industrial and office sectors including industrial leases to M & U International signing a three year renewal on its 6,120 square foot space at the Hillsborough Business Center, and A&A Auto renewing its lease for five years for 8,250 square feet, and the U.S. Army renewing 3,400 square feet at Tilghman Square. Overall, Larken’s industrial leasing was up by 43,000 square feet throughout its portfolio.
Hillsborough office leasing highlights included PNC Bank renewing 2,400 square feet for four years and six months, Univest and Trust Company signing a 15 year, five month lease for 10,165 square feet at Tilghman Square, Summit Medical Group, PA’s five-year lease at Echo Office Plaza for 1,849 square feet, NR Wellness, LLC signing a new two-year lease for 3,405 square feet and Smiley Lifting signing a 2,270 square foot lease at Jill Court II in addition to Smiley’s Lifting’s 1,500 square foot renewal at Hillsborough Business Center. Also at Hillsborough Business Center, Tifa International renewed its 6,250 square foot lease and Tghomeaudio renewed its 3,000 square foot space.
Retail leases of note include Amelia’s Grocery Outlet renewing its 15,499 square foot space for five years, Red Robin renewing its 6,300 square feet for five years and Tiger Schulmann’s Mixed Martial Arts renewing its 2,835 square feet for 15 years all at Tilghman Square. In other parts of the state, EMS, LLC signing a 2,456 square foot lease at the Williamson Building, and Pro Tech Energy renewing its lease for 4,250 square feet at Branchburg Commons.
Family-owned Larken Associates has been building and managing commercial and residential real estate for nearly four decades, with a resume that also includes building single family homes and building and managing residential condominiums, townhomes, active adult communities and garden-style apartments.
About Larken Associates
A two-generation, family-owned business since 1965, Larken Associates is widely-recognized as one of the region’s fastest growing, well-respected companies. Based in Hillsborough, NJ, Larken has been responsible for developing prominent residential and commercial projects throughout the Tri-State area.