The single-story flex building was recently renovated and is located on Route 129, near the Route 3/Route 495 interchange. Richards Barry Joyce & Partners represented both the buyer and seller.
The space consists of office, laboratory, research and development and light assembly use. "9 Executive Park Drive is an excellent building in a market that is gaining momentum," says Vincent O'Neill, president of Who is Bill Rica LLC.
Brian M. McKenzie, partner at Richards Barry Joyce & Partners notes that there was a high level of interest in the building, which he attributes to its location and flexibility for a variety of uses. "Additionally, the building can support either a single or multiple tenants, which adds to its appeal," says McKenzie.
According to Richards Barry Joyce & Partners 2004 Mid Year Review & Forecast, the 128 North submarket, which is comprised of 23.8 million sf, experienced 860,000 sf of positive absorption during the first half of 2004 and vacancy rates that lowered to nearly 25%, from 28%.
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