Developer launches 370K-sq.-ft. Lunenburg warehouse amid wave of industrial building
Photo | Timothy Doyle
The newly-constructed Lunenburg Central distribution facility
Braintree developer John M. Corcoran & Co. and its partners have completed the construction of the 370,000-square-foot Lunenburg Central warehouse facility.
The developer purchased the property in January 2022. ARCO National Construction, which has an office in Framingham, broke ground on the project in February 2022.
John M. Corcoran & Co. partnered with The Brennan Group, Inc. of Boston, Berkeley Partners which has a Boston office, and national real estate firm Newmark, which has a Boston office, on the project.
The facility has 71 docks and two drive-in doors, and it features 36-foot clear height. There are 402 vehicle parking spaces with 94 trailer or van parking stalls, according to the development’s website.
Increased production of industrial space throughout Massachusetts are cooling down rental price increases and making more owners consider subdividing space to accommodate demand, according to national real estate firm Colliers’ first quarter industrial report.
“In the first quarter of the year, the inventory of warehouse/high-bay buildings increased while occupied space decreased, causing vacancies in this segment to jump to 6.5%, their highest level since March 2020,” according to the report. While rising, vacancies are well below historic highs.
Newly completed distribution centers in the area include the 450,000-square-foot 139 Campanelli Drive in Uxbridge and the nearly 400,000 square-foot 80 Pine Hill Drive in Boylston.
R.W. Holmes Commercial Real Estate in Wayland still sees high demand despite the building boom.
According to the brokerage, 1.8 million square feet of industrial space was delivered in the last six months in the Worcester/495 market, with 13 projects under construction that will bring an additional 2.3 million square feet online.
“While the new product coming online is a huge relief for the industrial market, we continue to keep an eye on whether any of these developments will start subdividing below 50,000 SF, where the available supply is extremely lacking but demand is very strong,” said R.W. Holmes 495 Broker Bradley Sampson.
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