The sale is the second part of a two phase deal. In September 2000, GFI purchased an existing fully leased 400,000-sf industrial building situated on 74 acres. The firm paid $4.5 million for the property. In this second and final part of the deal, GFI is acquiring the adjacent 108 acres of the parcel which is located in back of the first parcel.
Meredith & Grew Inc.'s Robert E. Cronin, vice president, represented the seller and procured the buyer in the transaction. He tells GlobeSt.com that the deal was done in two stages to give GFI time to go through the permitting process with the town to get approved for its industrial building. Cronin notes that the project is now fully permitted.
According to Cronin, GFI also plans to renovate part of the 400,000-sf building. About half the building is tenanted by Breda Transportation, an Italian-based company. GFI will redevelop the remaining portion of the facility.
The area's industrial market has a 14% vacancy rate, according to Spaulding & Slye Colliers' most recent statistics, a figure that is far below the area's 21% vacancy rate for its office market. Lease rates for the industrial market in the area are approximately $6 per sf.
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