Brennan Group, John M. Corcoran, and Berkeley Partners JV Breaks Ground on 372,000 Industrial Facility in Central Massachusetts: Massachusetts Homebuyers Homeownership

 Lunenburg, MA– The Brennan Group (TBG), John M. Corcoran & Company (JMC), and equity partner Berkeley Partners have broken ground and construction is underway on Lunenburg Central, a three hundred seventy two thousand square foot, Class A High Bay warehouse/distribution facility. Located at 475 Leominster Shirley Road in Lunenburg, MA, Lunenburg Central is located in the heart of the Route 2 Industrial Corridor in Central Mass. that includes Devens, Littleton, Leominster and Ayer. Lunenburg Central offers quick access to major distribution roadways three minutes from Route 2, five minutes from I-190 and 11 minutes from I-495  just twenty five miles to Worcester and forty three miles to Boston. Site work commenced in February and the facility is scheduled to be delivered in Q1 2023.

 The development of Lunenburg Central is fueled by intense market demand, as quality industrial product is becoming increasingly scarce, particularly large blocks of Class A warehouse space. According to the Q4 Newmark Industrial Report, vacancy rates for industrial properties reached an all time low of 3.3 percent in the Greater Boston market at the close of 2021, with vacancies for warehouse/distribution facilities at 2.4 percent due to increased ecommerce activity. Industrial asking rents rose to twelve dollars and seventy two cents per square foot NNN in 2021, a 9.7 percent increase from the previous year.

 “With the unprecedented demand for Class A warehouse product in the Metro Boston market, where speed to market for tenants is so critical, the decision to build on spec was a strategic one,” said Tim Brennan, Vice President of TBG. “The competition for land has pushed the development of new industrial product further west, and tenants are responding positively, particularly for locations with convenient highway access, like Lunenburg Central.”

 The three hundred and seventy two thousand square foot Class A, tilt up construction warehouse/distribution facility will feature thirty six inches in clear height, seventy one loading docks and two drive in doors, with four hundred and two vehicle parking spaces and ninety four trailer/van parking stalls (expandable to one hundred and twenty), as well as build to suit office space. Lunenburg Central is sub dividable to two hundred thousand square feet, and leasing efforts will be handled exclusively by the Newmark Industrial Leasing and Investment Sales team led by Ed Jarosz. Construction financing was led by the CBRE Capital Markets team through Cambridge Savings Bank.

 Designed by GMA Architects, Lunenburg Central will be constructed by ARCO National Construction, the seventh largest design/build general contractor in the U.S., with decades of experience building large industrial developments throughout the country. TBG and JMC equity partner Berkeley Partners’ affiliated entities own and operate nearly nine million square feet of light industrial properties throughout the U.S., including over two dozen assets in Massachusetts. TBG and JMC have a twenty plus year history of working together and partnering on various real estate projects.

 “We are proud of the team we have assembled for this development, and the Town of Lunenburg has been a terrific partner throughout the entitlement and permitting process,” said Peter Mahoney, Executive Vice President of Development & Acquisitions for JMC. “Lunenburg Central will deliver much needed warehouse/distribution space with a best in class facility in a rapidly tightening market.”

The post Brennan Group, John M. Corcoran, and Berkeley Partners JV

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