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BOSTON- Hankyu International Transport leased 10,978-sf of space at 88 Black Falcon Ave., a 400,000-sf office and warehouse facility that was developed a year ago and is owned by International Cargo Port LLC.

J.P. Plunkett and Thomas Powers of Cushman & Wakefield and Paul Dahn of International Airport Centers handle the leasing for the building. According to Plunkett, the deal is a big one because the city has less and less industrial space. “The city has more and more office, retail and residential space but industrial space has not been growing,” he tells GlobeSt.com. The building was built on speculation and Plunkett points out that it offers companies with blue collar-type jobs a place to go. The three-story building has a first floor with 16 to 20 foot ceiling heights and loading docks every 1,700 feet. The second and third floors are first class office space. The building is 75% leased and its tenants include Kuehne & Nagel, Barry International Forwarding, Maersk/Sealand and Scolly Trucking.

The building is located at the end of the Marine Industrial Park and is about a six-minute drive from Logan International Airport. According to Greg Carter, general manager for Hankyu in Boston, the site was selected because of the “surrounding infrastructure and well-planned network of commercial only roads that will allow trucks easy access to our facility and both the seaport and airport.”

Plunkett says that the rates for the warehouse space is $12 to $14 per sf in the triple net range depending upon how much office space the tenant is taking. Office space in the building goes for the high teens per sf to the low $20s per sf triple net. “We attract slightly over market rate,” says Plunkett, “because of the ocean views, its proximity to Logan and its class A space.”

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