Bruce Grean, managing director at the Boston office of Insignia/ESG, represented Sundance Publishing. Bruce Levine and Bob Gibson, of CB Richard Ellis Whittier Partners, represented Crow Family Holdings, the property owner.
Grean emphasizes that the new location appealed to Sundance because of its combination of warehouse space plus 20,000-sf of office that is already built out as well as the proximity of the building to the interstate highway network
The deal is yet another demonstration of the relative strength of the industrial market in the suburbs. According to Spaulding & Slye Colliers' fourth quarter statistics, the availability rate for industrial space in the suburbs was at 16.2% compared with 27% for the office market. Perhaps more telling is the absorption rate for that quarter: In the suburbs there was a positive absorption of 121,495 sf of industrial space while the office market had a negative absorption of 52,207 sf of space.
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