Richard L. Peterson, VP at The Codman Co. Inc. represented the seller and procured the buyer in the transaction. The buyer, a real estate investment firm, purchased the building to expand its portfolio. After extensive renovations, the building will be offered for lease. Lease rates for this deal were not available but an industry source tells GlobeSt.com that comparable space goes for about $5.50 per sf.
Peterson notes that Jofran Sales, a multi-national manufacturer's representative for retail furniture, plans to fund an expansion of its recently built Norfolk, MA-based headquarters with this sale.
The building is currently vacant. The deal is an indication of the relative strength of the industrial market which has not been hit as hard as the area's office market. While at last year's end Cushman & Wakefield was reporting that Greater Boston's overall available industrial space was at 13%, the suburb's overall available office space was at 27%. Demand for quality warehouse/distribution space close to the city is high and is difficult to find.
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