Steven Clancy, Ed Jarosz, James Nicoletti and Robert Gibson of CB Richard Ellis/Whittier Partners represented both the seller and the buyer in the transaction. The warehouse/industrial property is near Routes 95 and 495 and is centrally located between Boston and Providence, RI.
"This property offered the buyer a prime location for manufacturing space outside of Boston," says Clancy. The industrial market has remained relatively stable as compared with the area's office market. Industry analysts note that there is still high demand for modernized industrial space with easy access to the city and many users are looking to purchase properties rather than lease them.
Lease rates for industrial property in the Greater Boston area range from about $5 per sf up to $7 per sf depending upon the condition of the property and its proximity to Boston.
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