Image courtesy of CBRE
A pair of South Shore industrial companies have acquired parcels in the new Campus at Canopy Drive in Middleborough, a development by Andover-based VMD Companies approved for nearly 700,000 square feet.
Braintree-based Indus, which provides pavement maintenance services, acquired 400 Canopy Drive in the industrial park for a 70,000 square feet facility and seven acres of outdoor storage, CBRE announced.
The purchase price was $10.9 million, according to a pair of Plymouth County deeds filed this month.
In a transaction completed in September, West Bridgewater-based manufacturer REXA paid nearly $6.6 million for lot 2 in the park. The company broke ground in September on a new 110,000 square-foot headquarters that will consolidate its engineering, design and manufacturing.
Citibank provided $20 million in financing, according to a Plymouth County mortgage.
Additional development and leasing opportunities are available.
VMD Companies plans to break ground this summer on two buildings totaling 240,000 square feet of shallow-bay industrial space, which would be made available for potential tenants seeking 20,000 to 120,000 square feet.
And the 12-acre lot 3 is permitted for a 107,000 square feet facility, but VMD Companies announced it is offering an alternate plan for a 30,000 square-foot development.
CBRE’s Rob Byrne, Danielle Frisch, Steve Clancy, Kendall Lynch and Brendan McKenzie represent VMD Companies in leasing.
“Given the interest we have received thus far, the market is ripe for a multi-building park targeted toward small and mid-range users looking for flexible designs and zoning,” Byrne said in a statement.
A recent uptick in demand by big space users is fueling a potential resurgence in industrial leasing across eastern Massachusetts, according to brokerage research.
JLL is tracking 21 million square feet of tenant requirements, an 83-percent increase on a year-over-year basis, including 50 tenants in the market for at least 100,000 square feet.
