James Umphrey and Donald Mancini of Kelleher & Sadowsky have brokered a 166,000 s/f lease with Interline Brands, Inc. at 26 Millbury St. The landlord, M.A.R. Trust, a subsidiary of Liberty Properties, is scheduled to construct a 210,000 s/f industrial building on the 12 acre site, of which 166,000 s/f will be leased to Interline Brands. The remaining 44,000 s/f will be available for lease in April 2008.
The 166,000 s/f, ten year lease is the largest industrial lease completed in central Massachusetts in 2007, and serves as one of the first investor-owned new construction industrial developments in the central Massachusetts market. The total value of the lease is in excess of $12 million.
"Limited supply of new, high bay distribution space in the market coupled with a low vacancy rate and higher rents created the right environment for this build-to-suit to make sense for both Interline and Liberty," said Donald Mancini of Kelleher & Sadowsky Associates.
Interline Brands, Inc. is a leading national distributor and direct marketer with headquarters in Jacksonville, Fla. Interline provides maintenance, repair and operations (MRO) products to approximately 200,000 facilities maintenance professionals, professional contractors, and specialty distributors across North America and Central America.
Interline Brands is currently occupying 44,000 s/f of space at 44 Ballard St. in Worcester. Their existing building is slated for demolition as part of a large retail development with a proposed Super Wal-Mart. According to James Umphrey, principal of Kelleher & Sadowsky Associates, "Interline had explored several options in the market including existing buildings and land sites. The decision to ultimately move forward with the build-to-suit in Auburn was primarily driven by the site's excellent distribution location as well as the predictability of permitting the project and delivering a finished building by early 2008.
The landlord, Liberty Properties, owns and operates over 2.5 million s/f of space in central Massachusetts and this development highlights their continued commitment to investing and developing property within this market.
The tenant was represented by Texas-based Mohr Partners.