In what is perhaps a sign that the local commercial real estate market is rebounding, Cushman & Wakefield senior directors J.P. Plunkett and Catherine Minnerly have recently brokered 113,460 s/f of transactions south of Boston, where the overall vacancy rates for office space are 18.2% (Rte. 128 south) and 26% (495 south). The overall industrial vacancy south of the city is 10.9%.
Asking rents for office space on a gross net of electric basis average $21.72 (128 south) and $19.65 (495 south) and $6.71 NNN (south industrial).
In Norwell, C&W represented Smiths Medical in its 15,309 s/f office lease with Rader Properties at 600 Cordwainer Dr. in Accord Park. James Rader and David Mitchell negotiated for the landlord.
In Norwood, C&W represented Urban Equities in its 21,600 s/f industrial lease with Tractel, Inc. at 51 Morgan Dr. Taryn Wilson and Lance Carleton of Grubb & Ellis represented the tenant.
In South Boston, C&W represented AMB Property Corp. in its 19,863 s/f showroom/warehouse lease with Asmara, Inc. at 88 Black Falcon Ave. James Brady of C&W worked with Plunkett and Minnerly on this assignment.
In Randolph, Atlantic Management leased 17,000 s/f of warehouse space to Independent Flooring at 39 Teed Dr. C&W was the sole broker in this transaction.
Also in South Boston, C&W represented the Zine Family Trust in its 16,088 s/f showroom/warehouse lease at 50 Von Hillern St. to Sonepar Electric who was represented by Jeff Hamilton of CB Richard Ellis.
In Avon, at 40 Robbie Rd., C&W again represented Urban Equities in a 13,000 s/f industrial lease to Urban Express.
Also in Randolph, C&W represented Atlantic Management in its 10,600 s/f industrial lease to Ashland Textile at 53 Teed Dr.