(Read more on the industrial market.)
RANDOLPH, MA-A well-located commercial building in the East Randolph Industrial Park has landed another tenant, leasing 23,000 sf to HealthStar Inc. The warehouse at 58 Teed Dr. is owned by Atlantic Management Corp. of Framingham, which purchased several buildings in the park during the mid-1990s.
The south suburban brokerage team from Cushman & Wakefield's Boston office handled both ends of the HealthStar leases, representing the landlord and procuring the tenant. The group includes C&W senior directors Catherine Minnerly and J.P. Plunkett, as well as associate Jason Bryer, the same trio who serve as exclusive leasing agents for 58 Teed Dr.
Atlantic Management's assembled portfolio in the East Randolph Industrial Park can accommodate users needing between 7,000 sf to 22,000 sf. The experienced owner has created a block of buildings catering to small- and mid-sized requirements, according to Plunkett, providing the needed flexibility to serve that constituency. HealthStar is relocating from across town.
"It's a good deal for the landlord and for the market," Plunkett tells GlobeSt.com. C&W inked Braintree Labs to a 30,000-sf deal at 58 Teed Dr. to begin the year, but Plunkett relays that the industrial sector slogged through a thin first quarter. The Route 128 South warehouse submarket where Randolph is located had just 5,000 sf of net absorption in the opening frame, while the Interstate 495 South submarket was in the red on net absorption by an alarming 424,000 sf, according to C&W research. The Massachusetts warehouse market as a whole had negative net absorption of 1.57 million sf.
Plunkett says he believes the torpid beginning may have been a temporary glitch, and conditions have been on the upswing. C&W research shows the vacancy rate for warehouse in Route 128 South is down from 10.6% a year ago to 7.4%. Even the recently ravaged Interstate 495 South has dropped to 12.1% from an alarming 18% after the first quarter of 2006, and the suburban warehouse market overall has shown vacancy decline in that stretch from 16.7% to 14.3%.
Besides the 58 Teed Dr. deal, the C&W South team just brokered an 85,000-sf lease at the Boston Business Park in Boston's Hyde Park district, also in the Route 128 belt. That deal was reported earlier this month on GlobeSt.com. Plunkett further tells GlobeSt.com that the Boston park, owned by the Campanelli Cos. and Commonfund Realty, has extended List Distribution Services on an 85,000-sf lease signed there last year. "I'm encouraged," says Plunkett. "The activity has really accelerated."
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