According to Robert Doherty, senior vice president at Binswanger/CBB, the asking price for the property is $5 million. Binswanger/CBB is brokering for Lenox. Doherty tells GlobeSt.com that there has been "decent interest" in the site, which he says is surprising. "The market has not been great," he notes, pointing out that overall vacancy rates for the area are around 20%, significantly higher than two years ago.
"This is a smaller market but it is not immune to the economic downturns in the real estate market," he says. "There is a lot of space available now. Everyone is cutting back."
Working in his favor, Doherty points out, is the fact that there are not a lot of similar products available in this area. Also, the industrial market here has remained pretty steady with vacancy rates hovering around 5%.
The building is located in the North Central Industrial Park industrial park, which Doherty emphasizes is "established" with a number of solid tenants including Liz Claiborne and pen manufacturer AT Cross.
The structure sits on a 53-acre parcel and includes 20 acres of excess land, which Doherty says is permitted for development. It is located near Routes 116, 95 and 295. The asset features include six-inch reinforced concrete floors, ceiling heights to 28 feet, 3,200 sf of office space and seven dock doors.
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