Groundbreaking Ceremony Held for a 267,000 SF Industrial Facility in Central Massachusetts

Leicester, MA– Representatives from The Brennan Group (TBG), John M. Corcoran & Firm (JMC), and fairness associate Berkeley Companions have been joined by City of Leicester officers final week to have fun the official groundbreaking of Central Gateway, a subdividable 267,600 square-foot, speculative industrial facility.

Development on Gateway started late final spring and is properly underway, with the foundations and constructing pad full and metal and exterior partitions about to go up. The venture stays on course to ship in Q2 of 2023. The ability is the second collaboration this 12 months between the three way partnership companions, who’re additionally establishing Lunenburg Central, a 372,000 square-foot, Class A Excessive Bay warehouse/distribution facility, anticipated to ship in January 2023.

“This can be a large step for the City of Leicester,” mentioned City Administrator David A. Genereux on the ceremony. “We’ve had the purpose of selling large-scale financial growth inside the City, as a result of we’re a city of blue collar tradespeople who perceive that trade is the spine of growth. Gateway Central will convey actual worth to the neighborhood when it comes to creating jobs inside the city in addition to the encircling communities.”

Situated at 90 Huntoon Memorial Freeway (Route 56) in Leicester, adjoining to Worcester, MA, the second most populous metropolis in New England, the brand new facility is accessible to main distribution roadways, inside 10 minutes of Massachusetts Turnpike I-90, I-290 & I-395 Interchange, and Route 20. Central Gateway additionally gives quick access to the Worcester Regional Airport. The constructing is designed to accommodate both warehouse, distribution or manufacturing customers, topic to market demand.

“The choice to proceed with the speculative growth of Central Gateway was pushed by sturdy market demand and our perception within the location of the positioning, which is central to all of New England, with glorious entry to main highways,” mentioned Peter Mahoney, Government Vice President at JMC. “Demand for prime quality industrial house – notably subdividable house – stays sturdy. Our partnership acknowledged this terrific alternative and determined to maneuver ahead.”

Business studies verify that there’s nonetheless a big provide/demand imbalance for Class A industrial product as emptiness charges for the Larger Boston market once more hit a brand new low on the shut of Q2 2022 – 3.0 p.c. “As massive parcels of land for industrial growth tasks turn into more and more scarce, the Central Mass market, with its accessibility to main highways, is rising as the following frontier for warehouse, distribution and manufacturing,” mentioned John Brennan, VP at TBG. “The City of Leicester acknowledged this chance to extend its industrial base, and have been terrific companions on this venture.”

The Class A, 267,600 square-foot facility will characteristic greatest in school design which might be subdivided to accommodate a number of tenants, and contains 36’ clear heights, 45 overhead doorways and three drive-in doorways, with 299 car parking areas and 59 trailer/van parking stalls, in addition to build-to-suit workplace house. Leasing efforts can be dealt with by the Newmark Industrial Leasing staff, together with Will Kelleher of Central MA-based Kelleher & Sadowsky Associates. Development financing is being supplied by HarborOne Financial institution, and Harbor One’s participant financial institution is Bristol County Financial savings Financial institution.

“The Route 56 hall has been a hidden gem. A key financial growth goal of the City of Leicester Grasp Plan was to cluster industrial and industrial properties alongside this precedence growth space and long-vacant web site” mentioned Alaa Abusalah, Director of Improvement/City Planner for the City of Leicester. “The event staff has been wonderful when it comes to determine this venture out, and it was accepted after only one listening to – which is sort of unprecedented.”

Central Gateway is designed and constructed by the identical staff as Lunenburg Central – nationwide gamers GMA Architects and ARCO Nationwide Development. TBG and JMC are longtime collaborators on a big selection of tasks, and fairness associate Berkeley Companions’ affiliated entities personal and function practically 9 million sq. ft of sunshine industrial properties all through the U.S., together with over two dozen belongings in Massachusetts.

The publish Groundbreaking Ceremony Held for a 267,000 SF Industrial Facility in Central Massachusetts appeared first on Boston Real Estate Times.