In a deal that provides a major boost for the region’s industrial real estate sector, developer Condyne LLC last week unveiled plans to develop a 750,000-square-foot warehouse and distribution complex in East Taunton for Jordan’s Furniture. The hulking facility, which eventually could be expanded by more than twice that size, is scheduled to open in 2003.
“It’s fair to say this is going to be one of the largest buildings around,” said Insignia/ESG Senior Managing Director Steven E. Clancy, who teamed with colleague James F. Nicoletti to conduct a six-month site search on behalf of Avon-based Jordan’s. The pair, both senior managing directors, investigated properties from Southern New Hampshire to Fall River before the East Taunton parcel won out. In the end, Clancy said, “We thought it was the best site and we have a lot of confidence in Condyne to do this project.”
“We’re thrilled,” agreed Nicoletti, estimating that some 100 potential properties were evaluated before the choice was finally made. Jordan’s “wanted to make sure we didn’t miss anything,” Nicoletti said, adding, “We went to a lot of town halls.”
The Jordan’s building will be developed as the anchor of the new East Taunton Industrial Park. Condyne will construct and sell the facility on completion to Jordan’s, which plans to employ an estimated 400 people at the property. Along with about 50,000 square feet of office space, the building will include a gymnasium, full-service cafeteria, daycare center and an outlet store. The facility will also feature a state-of-the-art distribution layout, including 40-foot-high ceilings and 140 dock doors.
Although a competent competitor in the Campanelli Cos. waged a strong battle to lure Jordan’s to another industrial park in nearby Freetown, Condyne has established a similar track record in developing large-scale warehouse projects, including 23 such facilities in Taunton. The Taunton-based Condyne has recently developed 300,000-square-foot or larger buildings for such companies as Trader Joe’s, TJX and Chadwick’s of Boston.
The 170-acre Taunton property selected by Jordan’s, located across the street from the Silver City Galleria mall, had the added advantage of being a bit north of Freetown, said Clancy, and also was favored because it is on the city’s sewer system. It has solid highway access and a topography that should be easily adapted for the new building, he said.
‘A Real Coup’
Clancy said he believes Condyne’s background in distribution is a bonus as it focuses on industrial real estate. Until it sold the business last February, Condyne both operated cold storage warehouses and had a fleet of refrigerated trucks that made commercial deliveries. “They seem to have developed a method of delivering, in a cost-effective way, a product that takes into consideration all the logistical needs of today’s distribution companies,” Clancy said. “They have done very well with that.”
The process used to assemble the parcel was also impressive, said Clancy, crediting both Condyne and Taunton city officials for rezoning and acquiring the property after staving off a separate effort to build a large residential subdivision there. What could have led to a strain on city services turned into a project that will yield substantial tax revenues, Clancy noted, with a separate parcel carved out on the north side that will yield about 100 developable acres after taking into consideration wetlands and other topographical issues.
“Between Condyne and the city of Taunton, it was a real coup,” he said. “They manufactured a site and worked hard to put it together … It was really brilliant.”
Condyne principal Daniel F. O’Neill agreed it was an involved process, one that took nearly a year to establish agreements with the residential developers, neighbors and Taunton public officials. He praised the city’s leadership in creating the park, adding the result was an industrial site with top-notch fundamentals.
“It’s a fine 350 acres at Main and Main,” O’Neill said. “There aren’t many sites out there that can accommodate [uses] of this size.” Another bonus is rail service that delivers twice a day, six days a week. While not of particular import to Jordan’s, O’Neill said it could be a lure for enticing businesses to the other parcel, which he estimates can support another 750,000 square feet of development.
