Atlantic Management Corp., a Framingham real estate investment firm that owns and managers more than 3.4 million sf in New England, sold the single-story building at 675 Canton St. after receiving an unsolicited offer from San Francisco-based AMB Property Corp., a global developer and operator of industrial real estate, Steven Clancy with CB Richard Ellis/New England tells GlobeSt.com. "You just cannot create modern warehouses like this on Route 128 anymore," says Clancy, noting competition for land from residential and retail developers have made industrial builders move to less expensive areas near Route 495, more than 30 miles from Boston.
"Given the development pressure on industrial property on Route 128, we think this building is positioned for significant rent growth," Clancy adds. The building, renamed to AMB Pinewood Distribution Center, is almost fully leased to a number of small tenants with leases extending from three to five years, he says.
Besides Clancy, the CBRE/New England team included James Nicoletti and David Corkery. The brokerage firm also procured the buyer.
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