Fischer Real Estate recently negotiated a 40-year lease of 22 acres of commercial land right at exit 41 of I-95 on Marsh Hill Rd., owned by the Foyer family.
The lease contains an option to extend for an additional 40 years plus a limited-condition option to purchase. The tenant is the United Illuminating Co. (U.I.), which plans to build a new 140,000 s/f corporate headquarters on the site. Alan Fischer, CCIM, SIOR, president of Fischer Real Estate, represented the Foyer family while Les Cranmer of the Philadelphia office of Studley represented the U.I.
According to Fischer, a portion of the Foyer land could be contiguous with the 34-acre former Showcase Cinema site recently purchased by the U.I. "By itself, the Showcase site wasn't large enough to accommodate U.I.'s plan to consolidate all of its business operations at one location. By securing the Foyer land, the U.I. can now execute its plan. The negotiations that took place over a 9-month period were challenging in that each side came to the table with pre-conditions and restrictions that had to be met. In the end, it was like two ships passing in the night, with both sides showing incredible flexibility and sensitivity to each other, ultimately realizing they were a unique match for each other's wants and needs," Fisher said.