Mark Reardon and Richard Ruggiero of Cushman & Wakefield brokered the deal on behalf of the owner, and procured the tenant as well. The single-story building serves well as a multi-tenanted facility, says Reardon, adding that easy access to Interstate 95 played a role in Wakefield's commitment to the property.
The 9.5 million-sf market here has been among the area's strongest performing industrial sectors in recent years. Spaulding & Slye Colliers reports a local 2.3% vacancy rate and an average asking rent of $7.31 per sf. That compares favorably to the region's overall industrial vacancy rate of 5.5% and an average asking rent of $6.67 per sf. Terms of the deal were not disclosed.
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