According to Maggiore Companies, a real estate development firm, they will break ground on 60 O'Connell Way on April 1st. The 137,000 s/f industrial/flex facility will be ready for tenant fit-up by July 1st. 60 O'Connell Way is the final building at Liberty and Union Business Center, a 41-acre development that also includes the 100%-leased 50 O'Connell Way, located off of Rte. 24.
"We are excited about bringing another 137,000 s/f of industrial/flex product to the market at this time, especially when there is a lack of quality industrial/flex space in the market," said CB Richard Ellis' Steve Clancy, who is handling leasing for the center. "The facility divides to 7,500 s/f and is ideal for both manufacturers and distributors."
The Maggiore Cos. owns and manages 2 million s/f of similar product in seven communities throughout the state. Clancy said, "Maggiore is an expert at the design, construction and management of this type of product."
The Liberty and Union Business Center is a master-planned development made up of three single-story, industrial/flex buildings. The development was purchased by The Maggiore Cos. in 2007.
Paul Maggiore, founder and CEO, leads the development team at Maggiore. "We are excited to begin construction of the final building at the center and we expect brisk leasing activity over the next few months," said Maggiore.
Maggiore Construction Corp., Maggiore's construction arm operated by Matthew Maggiore and David Mann, will oversee the permitting and construction of the facility.
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CB Richard Ellis Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
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