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STURBRIDGE, MA-Weston Solutions has acquired Sturbridge Industrial Park, a brownfields property, from Corning NetOptix, a subsidiary of Corning Inc., for $500,000. The West Chester, PA-based environmental firm plans to remediate the existing contamination on the 56-acre industrial park and redevelop the property as a mixed-use development.

“Corning was not interested in making additional investments to redevelop the property because it extended beyond their core business offering,” says Patrick G. McCann, president and CEO of Weston, in a statement. Because of environmental concerns associated with the property, Corning had to retain capital reserves on their books to account for the ongoing concern. “[Our] approach allows Corning to better utilize the capital that was needed for property maintenance, environmental liability and associated insurance, while at the same time assuring the revitalization of the property.”

The park currently consists of three buildings totaling 180,000 sf, one of which was tenanted by Corning NetOptix until 2002. After remediating the contaminated portions of the park, Weston intends to redevelop it as a mixed-use project. Plans include upgrading building systems in Building Two and either demolishing Building One, or finding a single tenant to rent it.

“The way it’s laid out right now, [Building One] is not really rentable for multiple tenants,” John Walker, manager of real estate development services for Weston, tells GlobeSt.com. “If we can’t fill it with a single tenant, we’ll probably take it down and do a build-to-suit for a new tenant.”

The park is currently 40% occupied by tenants such as Burle Industries, Nova Scientific, Sturbridge Metallurgies and Accelant. “We’re looking to retenant the buildings,” says Walker. “We just added MedSource and we’re talking to some other possible tenants right now.”

MedSource, a manufacturer of prosthetic devices, just signed a lease agreement and is expected to move in within 60 days, bringing the occupancy rate to 50%. Weston is currently meeting with local land planners to prepare a redevelopment plan for the site, which is the only zoned location for general industrial use in the area. John Wilson of Richards Barry Joyce and Partners represented Corning, while Weston Solutions represented themselves.

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