Image courtesy of GMA Architects

A pair of Boston-area developers have broken ground on a speculative 372,000-square-foot distribution center in Lunenburg, as demand for newly-constructed high bay industrial space spreads into central Massachusetts.

Braintree-based John M. Corcoran & Co. and The Brennan Group of Boston along with equity partner Berkeley Partners are developing the Lunenburg Central project, which includes 36-foot clear heights, 71 loading docks, 95 trailer/van parking stalls and build-to-suit office space at 475 Leominster Shirley Road.

CBRE’s capital markets team arranged $41.9 million in construction financing from Cambridge Savings Bank.

Newmark’s industrial team led by Ed Jarosz is the leasing agent for the project, which is subdividable to 200,000 square feet. Completion is scheduled for the first quarter of 2023.

Industrial vacancies in Greater Boston hit an all-town low of 3.3 percent in the fourth quarter, according to Newmark research, including a 2.4 percent vacancy rate for warehouse-distribution facilities.