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NORTON, MA-Autopart International, a wholesale distributor of auto parts, has signed a long-term lease on a 347,000-sf distribution center here. It is one of the largest industrial leases in Boston's suburban markets in the last five years.
The firm, which is owned by Advanced Auto Parts, will move from its 125,000-sf building in Sharon to the new facility at 192 Mansfield Ave. by next spring, Tom Kent, with Trammell Crow Co.'s Boston office, tells GlobeSt.com. In a related deal, Polaroid Corp., which has occupied the Norton property as its distribution center since it was built in 1999, will move into a 93,000-sf building in Hyde Park known as the Boston Business Center. Both buildings are owned by Campanelli Cos. of Braintree.
Kent says a key factor in winning the Autopart lease was the property's location not far from the firm's current distribution center at 1205 Providence Highway in Sharon, which the company plans to sell. That building could bring in as much as $6 million, based on current market rates.
"The new location will allow them to stay close to Sharon, making the transition for current team members much easier and it will help them to support its growing business," he adds.
In order to win the leasing agreement, Campanelli allowed Polaroid, which has been trying to sublet the Norton property for the past two years, to terminate its lease seven years early. Campanelli will also add 23,000 sf of office space to Norton property to accommodate its new tenant's needs.
"As landlord and turnkey developer, we were able to assist Polaroid in achieving its real estate objectives, while designing, building and expanding Autopart International's headquarters to meet its long-term needs," says Rob DeMarco, a principal with Campanelli Cos.
The deal was the largest industrial lease in Boston's south suburban market since United Liquors Ltd., the state's largest liquor, beer and wine distributor, leased 484,000 sf Braintree in 2001.
Terms of Autopart's lease on the Norton facility, located near the interchange of routes 495 and 95, were not disclosed but the average asking rate for distribution space in the area is about $5 per sf, according to second quarter market studies. Kent, along with Sean Teague, also with the Trammel Crow, represented the tenant in the lease negotiations. Campanelli was self-represented in the deal.
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