Opus North Corp. and Cohen Financial Corp. are joint venture partners for the project. Opus North provided design and construction expertise. Cohen Financial provided equity capital.
DesignPac Inc. is a product development and production company of specialty home goods and gifts. Their products are sold through retailers such as Target and Costco. Melrose Business Center II will house the firm's headquarters and production services.
Opus North and Cohen Financial redeveloped the 21-acre site by demolishing an existing 930,000-sf manufacturing facility formerly occupied by the Zenith Corp. in preparation for building Melrose Business Center II. The new one-story precast building features 30-foot clear ceiling heights, an ESFR fire protection system, rail service and truck and trailer parking.
Bill Frain and John Suerth of Insignia/ESG represented Opus North in the transaction.
Although the price of the transaction was not disclosed, asking price for properties in the 200,000 sf category in that area can range from $5 to $6 psf. According to Curt Bailey, real estate director for Opus North, asking price for Melrose Business Center II is $5.25 psf, net.
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