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A cold storage operator acquired an approved development site in a Fall River industrial park for a new facility scheduled to break ground in early 2025. 

FreezPak will develop a 203,397-square-foot cold storage facility on the 16.3-acre lot at 10 Innovation Way, which it acquired this month from VMD Companies of North Andover for $10.75 million, VMD Companies announced.

VMD retained ownership of the remaining project, known as The Campus at Innovation Way. The site has capacity for 700,000 square feet of development on existing buildings and lots, and is designed for cold storage, logistics and manufacturing uses.

VMD Companies, founded by Executive Chairman James L. VItas II, said it will begin site work in early 2025 on the remainder of the campus and is in discussions with potential build-to-suit tenants.

VMD acquired the 147-acre site from the Fall River Development Corp. in 2023.

Greater Boston’s 296 million-square-foot industrial market has nearly 1.7 million square feet of negative absorption to date, brokerage Hunneman reported this month.

The nearly 169 million-square-foot Route 495 submarket had a 7.8 percent vacancy rate and 652,049 square feet of negative absorption year-to-date, according to the report.