Courtesy photo

Amid record-low industrial vacancies and spiraling demand, two speculative warehouse properties leased to tenants including Amazon in Bellingham’s Campanelli Business Park have been acquired by a REIT affiliated with Manulife’s John Hancock Real Estate for $76.1 million.

The properties at 351 and 353 Maple St. were developed by Campanelli and Clarion Partners and span 427,500 square feet.

In early 2019, 7-Eleven and S-L Distribution Co. LLC inked leases totaling 127,500 square feet at 353 Maple St., which features 32-foot clear heights and 26 loading docks.

Amazon Logistics leased the 351 Maple St. property in June, along with seven other Massachusetts delivery station locations, where packages are delivered from warehouses and sorted for final delivery.

Greater Boston industrial tenants contributed to a record 944,175 square feet of positive absorption in the third quarter, according to CBRE’s MarketView report. The availability rate declined to 8 percent while the vacancy rate dropped to 4.8 percent, both of which are historic lows, CBRE reported.

Asking rents rose to $10.05 per square foot on a triple-net basis.

“As vacancy rates remain at an all-time low, a flurry of well capitalized investors new to the region has resulted in a robust pool of buyers seeking industrial opportunities,” the report stated.

Amazon-Leased Warehouse Acquired by Hancock Fund for $76M

by Steve Adams time to read: 1 min