CANTON, MA-An 84,000-sf industrial building here is about to get an upgrade to meet demand for flex/R&D product on the Route 128 South corridor. Hall Royce Shawmut Road LLC paid $5.7 million for 95 Shawmut Rd. to Leggat McCall Properties, a Boston-based real estate investor that acquired the asset at the Shawmut Industrial Park in a nine-building portfolio deal completed in May 2005.

Flex space catering to small and mid-sized tenants still bloats the northern tier of suburban Boston, but such product is in scant supply on the South Shore, according to 95 Shawmut Rd. buyer Denison Hall. Not only has the Route 128 South area traditionally been populated by insurance and financial services companies that did not lend themselves to flex/R&D construction, “a lot of inventory has disappeared,” Hall explains, including several buildings demolished to make way for the nearby Westwood Station mixed-use development that will deliver upscale housing, office and retail in a section once filled with commercial tenants.

Hall and partner Adam Berger have acquired about 600,000 sf of flex/R&D space in Greater Boston during the past few years, including their $15.8-million purchase last summer of two buildings in the Interstate 495 South market. Initially reported by GlobeSt.com on July 17, that earlier deal involved 167,000 sf at 157 and 165 Grove St. in Franklin, part of a three-building park developed by the Maggiore Cos. of Woburn.

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