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MARLBOROUGH, MA-In less than two years, Ram Management Co. of Scarborough, ME has brought a former Stop & Shop warehouse here from zero occupancy to 100% occupancy with the signing of Cytyc Corp. of Marlborough to a 145,527-sf lease. Ram officials couldn't be reached by GlobeSt.com's publication deadline to learn the length and estimated value of the industrial lease.
The formal owner of record of the single-story building at 445 Simarano Dr. is 445 Simarano Drive LLC, a Ram affiliate. In a prepared statement, Brian Gagne, Ram's executive vice president of acquisitions and development, calls the lease "significant" and says the transaction "proves the Massachusetts market is strong."
Gagne tells GlobeSt.com the research and development lease is for 12 years but declines to disclose its estimated value. However, brokerage sources familiar with comparable properties tell GlobeSt.com the average asking gross rent is probably in the $10-per-sf range. That would make the estimated aggregate value of the lease $17 million.
Gagne says his firm is negotiating on several other area properties. "Our goal is to acquire properties to upgrade that add value to our portfolio and the communities we work in," he says.
Ram acquired the vacant Stop & Shop site in January 2005. The redeveloped steel frame and concrete building on a 17.1-acre site has a clearing height of 21 feet, 10 inches. The parking area can accommodate 300 vehicles. Cascade Promotions Corp. is the only other tenant, leasing 34,473 sf. Publicly traded Cytyc provides surgical and diagnostic products in the medical industry. Jim Thompson of Cushman & Wakefield negotiated the lease for Ram. C&W also represented Cytyc.
Ram has developed industrial, retail, office and residential projects throughout Maine, New England, South Florida and Europe. Ram was the original developer of factory outlets in Kittery and Freeport, ME; Europe and Israel, according to its website. The company is currently in the design and approval stage for a $55-million industrial development in Miami.
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