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BRAINTREE, MA-Bucking a weak start to 2008 for the region’s industrial sector, two deals totaling more than 140,000 sf have been inked here at the AMB Campanelli Industrial Park, as the multi-building complex lures a firm serving the florist market and secures Brewster Wallcovering on a six-figure renewal.

“Brewster Wallcovering is a long-term, valued tenant in the AMB Campanelli Industrial Park and we welcome Jacobson Floral Supply as a new tenant expanding from Boston,” relays Peter Brown, director of leasing for the Campanelli Cos. exclusive agent for park owner AMB. Brown negotiated terms of Brewster’s extension at 60 Campanelli Dr. and the deal for all 40,000 sf at 90 Campanelli Dr. by Jacobson. President Bill Jacobson praises the landlord and leasing agent, stating the team “went out of their way to finalize a lease structure that accommodated our growth.” Touted as the largest non-perishable floral supplier in New England, Jacobson is a third-generation family firm based in Boston’s Flower District, but now will have distribution centers in Braintree and Cromwell, CT.

Developed by Braintree-based Campanelli, the park is located just off Granite Street near Routes 3 and 128. Tenants include Burlington Coat Factory, Coca-Cola, Mr. Tux and Stop & Shop supermarkets. The park was among 21 Campanelli properties AMB paid $87 million for a decade ago, with the seller retained to lease and manage the assets. Founded in 1947, Campanelli remains a leading builder, manager and owner of commercial real estate in New England, and has developed 16-million-sf along the Eastern Seaboard.

The two latest leases offer hope that mid-year results will be better for Route 128 South than the opening frame, with Cushman & Wakefield reporting negative net absorption of 48,000 sf in the submarket of 25-million-sf during Q1. The overall suburban industrial market struggled, posting negative net absorption of 255,000 sf to bring vacancy up to 11.5%. That is still better than the rate of 14.0% recorded in Q1 2007, although Route 128 South has seen a deterioration from last year, rising from 8.2% to 9.4%. Lease terms for the AMB deals were not released, but C&W puts the average industrial lease at $8.16 per sf for the submarket, more than one dollar per sf higher than the suburban average asking rate of $7.07.

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