Finard & Co. vice president of leasing Don Mace negotiated the deal. Quarry Place is being developed by Calarese Development Corp. of Franklin, MA. Mace tells GlobeSt.com that the home improvement chain is fully permitted and will be developing the store on its own. He anticipates Lowe's will open by November.
Quarry Place is being developed on the site of a former quarry. It consists of 215,164 sf in three buildings, the largest of which will be occupied by Lowe's. "Quarry Place is a high profile location with excellent visibility from I-495," says Mace. "The site abuts I-495 offering excellent pylon signage and easy access to the 70,000 cars passing by each day."
The remaining two buildings of 46,768 sf and 6,400 sf are not yet tenanted, but Mace notes that he is currently in negotiations with other retail tenants. The larger building is being marketed to big-box retail stores. "There is a lot of good strong interest," says Mace. The project came online a little over a year ago.
Mace adds that the retail market in this area is very strong and he predicts it will continue to evolve and further stabilize over the next two years. He points out that the area has a lot of interest from national chains and there are a number of developments in the market that are due to come online shortly. "A lot of people are looking at this market," says Mace. "The whole 495/south belt has a lot of activity. Smaller retailers are calling me looking to get into this market. I could do another 12 deals [if the space was available."
According to Mace, retail rates vary depending upon the size and asset, but the average rate for spaces that are 5,000 sf and under ranges from the low to mid $20s per sf. For spaces that are 10,000 sf and over, rates range from the high teen to low $20s per sf.
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