50,000 sf

In the latest surge, Richelieu Foods Inc. is leasing just over 5,000 sf, while Risk Strategies commits to a like amount. Lincoln Properties Co. Associate Ned Halloran, who is exclusive leasing agent for the buildings--along with VPs Ellison Patten and Gian Starita--praises Equity's stewardship, repositioning the assets after Dunkin Donuts departed for a new facility. "It's a testimony to the work those guys did, and also how easy they are to deal with," Halloran says of Equity, adding there is only about 10,000 sf available at the complex, all of it at the 55,000-sf 15 Pacella Park Dr.

The summer doldrums appear to have hit early this year in suburban Boston, but Halloran expresses optimism that the remaining space will attract prospects to bring the park to full occupancy over the near term. "It has been on the slow side, but we're having pretty good success there," he says, perhaps due to a substantial discount versus more prominent locations in the Route 128 South market, such as those in Braintree and Canton. One market watcher familiar with the properties calls them "Class A buildings in a Class B location," although the site is just a few minutes from Route 128 and accessible to Interstate 93 and the Massachusetts Turnpike. Financial terms of the Pacella Park leases were not provided, but one broker says the discount could be as much as $5 per sf. "It's a great value alternative," maintains the observer.

The Lincoln team of Halloran, Patten and Starita negotiated both leases at 15 Pacella Park Dr. for Equity, while Daniel Sullivan and Adam Subber of CRESA Partners were agents for Richelieu Foods. Colliers Meredith & Grew VP Lawrence Epstein and AVP David Goodhue were brokers for Risk Strategies. The 10,000 sf left at 15 Pacella Park Dr. can be subdivided to 3,000 sf, says Halloran.