Philip A. Mann of R.M. Bradley & Co., Inc. represented the property owner, Boston Machinery, Inc., in the transaction while Bill Clark, of The Clark Company, represented the tenant, Boston Marble. The Business Park is located off Routes 1, 128 and 95 at the intersection of Foster and Washington Streets.
Mann tells GlobeSt.com that this space was "key" for the tenant because warehouse space has become more and more difficult to find in areas close to the city. He points out that due to the city's Big Dig and airport expansion at Logan International much of the city's warehouse space is unavailable. In addition, a lot of the city's warehouse space was converted to office space--for which rental rates are higher--pushing up the demand for that type of space.
Mann notes that the lease rate in this deal--which is in the $5 per sf range--is very reasonable and this space can accommodate large containers for distribution needs, a rarity in warehouse space this close to the city. Peabody is about 25 minutes out of Boston.
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