According to a released statement, Abbott plans to redevelop the industrial property into a multifamily housing complex. The manufacturing facility sits on six acres of land and is located right off Route 16 and near Route 93. Jim Brady, Kevin Hanna and Ned Leeming of Cushman & Wakefield's brokerage services group represented the seller and procured the buyer in the transaction.

Medford is in the Route 495/South area which had a .5% vacancy rate and 1.3% availability rate--which includes both direct space and sublease space--in the fourth quarter of 2000, according to statistics compiled by Spaulding Slye Colliers International. Those numbers have soared to 11% vacancy rate for the fourth quarter of 2001 and 15.5% availability rate. The area had a negative net absorption for the year of 47,803 sf out of 1.8 million sf in total supply.