Image courtesy of VMD Companies

A North Andover developer will seek tenants for a 900,000-square-foot industrial development after acquiring the site from the Fall River River Development Corp.

Located across from the 1.4 million-square-foot Amazon distribution center that opened in 2017, The Campus at Innovation Way is permitted for four buildings that can include logistics, advanced manufacturing and R&D space.

Developer VMD Cos. said it’s in discussions with several tenants for leases at the campus, which will include modern high-bay space with 85-foot clear heights.

The project includes three 202,800-square-foot buildings and a 291,200-square-foot building, all approved for 24-hour operations.

Cushman & Wakefield’s Rob Byrne, Paul Leone, Pete Whoriskey and Phil Verre represent ownership in leasing.

Large space requirements by large corporations have declined in the past year, reflecting the economic slowdown, according to commercial brokerage reports. Greater Boston’s 218 million-square-foot industrial market ended the year with positive absorption of 1.6 million square feet, according to a recent Newmark report.

Distribution space demand by major corporations saw an uptick in the fourth quarter, according to a Colliers report. Target and Home Depot are seeking to lease 1.4 million and 1 million square feet respectively.

The 49 million-square-foot Route 495 South submarket currently has a 7.7 percent availability rate, up from 4.9 percent in the third quarter, and average asking rents of $11.56 per square foot on a triple-net basis.

VMD Acquires 900K SF Fall River Development Site

by Steve Adams time to read: 1 min