Demand For MetroWest Small Industrial Space Heats Up
A 22,500-square-foot industrial building in Northborough has been sold for $950,000.
The transaction will allow a Sudbury technology company to expand its MetroWest presence, according to Scott Hughes, president of New Dover Associates in Framingham, which helped broker the transaction.
N And B Realty LLC, which is associated with The Goldie Group, a Sudbury-based technology distribution logistics company, purchased the two-acre property at 455 Whitney Ave.
Hughes said Bruce Goldie, owner of The Goldie Group, will expand and move his business from a leased space in Sudbury to the property in Northborough.
The deal caps what Hughes said was a busy end of the year for his firm. Transactions built momentum at the end of 2011, especially for industrial clients, a trend he is hoping will continue into the New Year.
Good Things In Small Packages
Of particular note regarding the upswing in transactions has been a renewed interest in small industrial space, Hughes said. Many clients seem to be looking for industrial space that is 30,000 square feet or smaller.
"We're not in a boom environment, that's clear," Hughes said. "But we see there's demand, especially on the industrial side, for both high-tech and non-high tech companies that are looking to expand."
Record-low interest rates, combined with competitive pricing on real estate properties make now a good time for strong companies to expand, Hughes said. In addition to businesses buying and expanding their footprints, Hughes has also seen a wave of businesses taking advantage of competitive rates when renegotiating existing leases.
"Landlords are doing everything they can to keep their tenants," Hughes said.
The increased demand for industrial space in the 30,000-foot range, he said, has decreased the supply of such properties.
"Inventory is becoming thinner," he said.
The property N and B Realty purchased was formerly owned by 455 Whitney Ave. LLC. A vitamin distribution company named MuscleMaster.com occupied the facility, Hughes said, but it's been vacant since February.
In other industrial real estate news in the region, Greater Boston Commercial Properties in Marlborough recently procured a tenant for 13,000 square feet of space in a Southborough property at 150 Cordaville Rd.
MetroWest Gymnastics was looking to sublease its space at the building, so Greater Boston Commercial Properties broker August Brewer found Inside Playground LLC, which was looking for a new location. The company already has one site in Watertown.
As part of the transaction, Inside Playground signed a five-year lease for the site. Both Inside Playground and MetroWest gymnastic provide recreational space for children.
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