| Change has been a constant along University Avenue in Westwood, with suburban office and industrial parcels being replaced with transit-oriented mixed-use projects.
Security Lock Distributors, the owner of 200 University Ave., sees potential for more retail space in the neighborhood since the completion of the University Station retail development across the street in March 2015. It’s hired Colliers International to market the 17,000-square-foot property for lease to take advantage of the neighborhood’s status as a shopping destination.
“This has opened the eyes of a lot of people on that street,” said Peter Montesanto, a senior vice president at Colliers. “A lot of our clients – warehouse, industrial and even office – have all asked the question: ‘Can we convert to retail?’”
In many cases, the answer is no. Industrial properties typically have insufficient parking ratios for retail use, Montesanto said, but 200 University Ave. was a rare exception. Security Lock is relocating to a nearby industrial building.
The 130-acre University Station redevelopment has been the major catalyst for the area’s real estate market. A partnership including New England Development, National Development and Eastern Real Estate took control of the site, which previously contained aging office and industrial buildings, in 2010. Approximately 1.1 million square feet of the 2.1-million-square-foot master plan has been built out, and construction of a 130-room Courtyard by Marriott hotel started in July. Glendale, California-based American Realty Advisors acquired the 400,000-square-foot retail segment at University Station in August for $206 million.
University Station developers also updated 101 Station Drive, a long-vacant 208,000 square-foot former State Street Corp. office building that they acquired in 2014, with new common-area amenities and open-format office space. The building subsequently attracted new tenants including General Dynamics and PI Worldwide.
And Eversource has hired Colliers to market 75,000 square feet of office space at 247 Station Drive, its nearby 368,000-square-foot corporate headquarters.
