The move enabled Petra to increase its space by 50%, which Rhuda says the company needed due to increased business. Built in 1986, the building is a multiple tenant industrial warehouse located 20 minutes from Logan Airport with immediate access to Routes 128 and 95.
Lease rates for this deal were not available; but the average asking rent for industrial space in the greater Boston area is approximately $6 per sf. According to Spaulding & Slye Collier's statistics, the overall availability rate for industrial space in the market north of the city is at 16%, compared with the 22% rate for the entire greater Boston area.
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