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PEABODY, MA-A substance abuse agency that needed more program space has moved its administrative offices into an industrial office building under a five-year lease arrangement that gives the agency approximately 5,000 sf of corporate office space. The deal also allows it to convert its Danvers, MA property into a residential treatment facility.

CAB Health & Recovery Services’ move into 0 Centennial Dr. puts the property at full lease-up, Bill Clark, with the Clark Co. in Lynn, tells GlobeSt.com. “It gave them some good growth opportunity and was an attractive below market rent,” says Clark, explaining the agency’s decision to move into the Centennial Park flex-use property. “They were able to get more space in a first class build out than they would have gotten in a first class office building.” He adds that they will have a lot of flexibility going forward into the future.

Built as an industrial property, the building is home to the electrical contracting firm Helco Electric and the food commissary for Dunkin Donuts, which services the North Shore. The property rents for about $9 per sf net. Clark negotiated the transaction for the owner, H & E Realty Trust. The tenant was represented by Ted Shannon, vice president of NAI Hunneman’s Boston office.

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