Jan 2, 2015 - Business Park's trade, denizens occupying space levels as ... when AT&T committed to the biggest commi
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The Real Reporter Weekly real estate publication Boston, MA January 2, 2015
THE REAL REPORTER
January 2, 2015
Avison Young Sells 169,225-SF Flex Park
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Michael Smith
Scott Jamieson
Brandon Dickason
ARLBOROUGH — A full-service approach promised by Avison Young when the Canadian brokerage powerhouse set up shop regionally in 2010 has been on display here in sales and leasing expertise delivering results at the Brigham Business Park, a multi-building flex/office complex that changed hands this past month to a Connecticutbased investor. Avison Young’s Capital Markets team led by Michael Smith, Scott Jamieson and Brandon Dickason worked with seller Jon Delli Priscoli of First Colony Development on that assignment which resulted in a $14.5 mil-
CORPO RATE
19 Brigham St., Marlborough MA
lion purchase by Ivy Realty of Greenwich. “The park generated a lot of interest given its diverse mix of high-quality, credit tenants and low vacancy,” Smith recounts in a press release announcing the agreement involving 169,225 sf of flex, office and research space at 19 and 41-53 Brigham St. There were 31 companies on the tenant roster at the time of Brigham Business Park’s trade, denizens occupying R ETA IL
space levels as little as 1,500 sf and including such established credit firms as Ambri Inc., Carquest Auto Parts and Fastenal Co. Even as the property was being pitched to potential buyers, Avison Young was working to fill more space at Brigham Business Park, and those efforts bore fruit when AT&T committed to the biggest commitment to date at the park last
H OS PITA LITY
continued on page 26 RES IDENT I A L
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January 2, 2015
Avison Young Sale continued from page 2
month, a 21,100-sf lease orchestrated by Avison Young Vice President Bill Sullivan, who is serving as exclusive leasing agent. The Stevens Group negotiated terms for AT&T, with the telecommunications giant agreeing to a 10-year deal at 19 Brigham St. Ivy Realty is a fully integrated real estate operating company controlling in excess of 5.7 million sf, with asset and property management, plus construction and leasing services provided in southeast Florida and the Northeast corridor. First Colony Development is a Needham-based company that acquired 41-53 Brigham St. in Feb. 1994 at a figure of $1.01 million and a year later, in June 1995, spent $1.26 million on 19 Brigham St. The Marlborough office market has been on a rollercoaster during the past decade, enjoying the highs of the mid2000s before the 2008 recession sent MetroWest landlords into a five-year tailspin that does appear to be winding down
41-53 Brigham St., Marlborough MA
as tenants closer in to Boston feel the pinch from skyrocketing rents. Whatever the reason, Avison Young’s research division shows another 154,000 sf in positive net absorption during Q4 2014, dropping the vacancy rate to 22.7 percent and bringing the net absorption to plus 257,000 sf since mid-year. Flex space in the submarket is averaging $8.22 per sf for Class A product and $7.98 for Class B product, whereas warehouse space is
averaging $6.44 per sf. The warehouse arena has struggled of late in I-495 West, posting negative absorption of 73,000 sf during the past 12 months, but flex space there has enjoyed a run with 104,000 sf of net positive absorption in that period, dropping the vacancy rate for 6.49 million sf into the single digits at 9.6 percent. The submarket’s warehouse vacancy is also low, presently at 8.1 percent for 6.46 million sf despite the 12-month lapse. n
million last April. The unit that turns 20 this year sits on nearly an acre of land. It was acquired by Route 11 Portland Replacement LLC, which has a New Hampshire address and is managed by President Mark Stevens. The buyer earlier this month took out a $1.23 million loan on 65 Market St. through Camden National Bank. Marcus & Millichap’s Vermont broker of record on the Waterbury listing is Jeffrey R. Nick, and that, too, had a California hue in the company’s San Diego office listing the property while Drinkwater from the Boston office and Richard from its Manhattan outpost brought its buyer to Merchant’s Bank, Waterbury VT. the table, another New England-based investor. The asset at 994 Waterbury Stowe Rd. “is strategically located off Interstate 89 with 26,000 vehicles passing per day,” relays Drinkwater. A Vice President of Investments at VOLUME 6, NUMBER 30 Marcus & Millichap, Drinkwater and © 2015 The Real Reporter, LLC. Ten Post Office Richard went farther a field for the largest Square, Boston MA 02109, 617-692-2997. All of the three separate transactions, as they rights reserved. No part of this publication collaborated with the firm’s Cleveland and may be reproduced without the written conColumbus offices to get the exclusive to sent of the publisher. market 140,925 sf at the Mentor City Shopping Center in its namesake commu-
nity at 7845 Mentor Ave. Sporting a lineup of tenants who are 96 percent national retailers, its roster includes the likes of Aldi, Babies R Us, Dollar Tree and TJ Maxx. The property is across the street from Simon Property Group’s Great Lakes Mall, a super-regional enclosed center anchored by Dillard’s, JC Penney, Macy’s and Sears. Craig Fuller, Erin E. Patton and Scott Wiles from the Marcus & Millichap Ohio contingent brought the buyer to the Mentor deal. n
Marcus & Millichap continued from page 4
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