(Read more on the industrial market.)

RANDOLPH, MA-A well-located commercial building in the East Randolph Industrial Park has landed another tenant, leasing 23,000 sf to HealthStar Inc. The warehouse at 58 Teed Dr. is owned by Atlantic Management Corp. of Framingham, which purchased several buildings in the park during the mid-1990s.

The south suburban brokerage team from Cushman & Wakefield’s Boston office handled both ends of the HealthStar leases, representing the landlord and procuring the tenant. The group includes C&W senior directors Catherine Minnerly and J.P. Plunkett, as well as associate Jason Bryer, the same trio who serve as exclusive leasing agents for 58 Teed Dr.

Atlantic Management’s assembled portfolio in the East Randolph Industrial Park can accommodate users needing between 7,000 sf to 22,000 sf. The experienced owner has created a block of buildings catering to small- and mid-sized requirements, according to Plunkett, providing the needed flexibility to serve that constituency. HealthStar is relocating from across town.

“It’s a good deal for the landlord and for the market,” Plunkett tells GlobeSt.com. C&W inked Braintree Labs to a 30,000-sf deal at 58 Teed Dr. to begin the year, but Plunkett relays that the industrial sector slogged through a thin first quarter. The Route 128 South warehouse submarket where Randolph is located had just 5,000 sf of net absorption in the opening frame, while the Interstate 495 South submarket was in the red on net absorption by an alarming 424,000 sf, according to C&W research. The Massachusetts warehouse market as a whole had negative net absorption of 1.57 million sf.

Plunkett says he believes the torpid beginning may have been a temporary glitch, and conditions have been on the upswing. C&W research shows the vacancy rate for warehouse in Route 128 South is down from 10.6% a year ago to 7.4%. Even the recently ravaged Interstate 495 South has dropped to 12.1% from an alarming 18% after the first quarter of 2006, and the suburban warehouse market overall has shown vacancy decline in that stretch from 16.7% to 14.3%.

Besides the 58 Teed Dr. deal, the C&W South team just brokered an 85,000-sf lease at the Boston Business Park in Boston’s Hyde Park district, also in the Route 128 belt. That deal was reported earlier this month on GlobeSt.com. Plunkett further tells GlobeSt.com that the Boston park, owned by the Campanelli Cos. and Commonfund Realty, has extended List Distribution Services on an 85,000-sf lease signed there last year. “I’m encouraged,” says Plunkett. “The activity has really accelerated.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.