TW_Industrial Book_Q4_2016_TA_Realty

q4 2016 MARKET OVERVIEW

GREATER BOSTON 1
INDUSTRIAL MARKET

PREPARED FOR:

TABLE OF CONTENTS

I MARKET HIGHLIGHTS & STATISTICS
II MARKET AERIAL TOUR—ACTIVITY
III ACTIVE TENANTS IN THE MARKET

MARKET HIGHLIGHTS
&
STATISTICS

MARKET OVERVIEW 56.9 MSF GREATER BOSTON
WAREHOUSE
GREATER BOSTON WAREHOUSE MARKET 147,000 SF MARKET

The market has benefited from robust conditions in the Greater Boston economy, a correlated 3.5
increase in population and consumer purchasing power, and a resurgence in domestic
manufacturing, particularly for goods requiring sophisticated processes and skilled on-site last 12 quarters
operators. As the overall Boston economy continues to strengthen, the local warehouse 8.8% VACANCY RATE
market has remained very consistent and strong over the last several years as an “end of
the line” distribution location, servicing the New England area for national “hub” locations .1% FROM THE ALL-TIME LOW
such as Chicago and Mid Atlantic cities. In addition, the market dynamics associated with
e-commerce demand and “control of the last mile” have also provided a boost to existing
inventory. Much of the Greater Boston warehouse market’s 56.9 MSF is located along the
Route-128 and I-495 corridors, which contain 22.7 MSF and 31.1 MSF, respectively. The
overall vacancy rate stands at 8.8% (up from the record low of 8.7% in Q3 2016).

Positive demand is expected to continue to favor well infrastructured master-planned settings
with modern specifications (such as higher ceilings, parking and more loading capacity)
and access to major interstates that provide East/West and North/ South access as well as
“Central/Urban” located product servicing “last mile” demand. In the Central/Urban area,
redevelopment pressure and “control of the last mile” around the populated inner ring have
created a spike in demand on close-in micromarkets. This demand has coincided with a 53%
decrease in warehouse inventory (57.6% decrease in industrial inventory). Transportation/
time/energy costs have made location the determining factor driving tenant decision-
making, as the ability to increase efficiency on the flow of goods to the end user/consumer
from a logistical standpoint becomes more and more relevant. Overall, the real story behind
Greater Boston warehouse product remains the same, those buildings which reside in more
highly sought after locations/markets and/or provide a higher quality of finish, building
specifications and infrastructure will ultimately continue to outperform as overall market
and economic fundamentals remain in stable condition fueling steady demand. The barriers
to entry in the Greater Boston warehouse/distribution market are significant relative to other
areas of the country. This is due to lack of avail­able and developable land sites for large scale
warehouse product, which, combined with high-growth and an increasingly dynamic office
market, have helped to keep new warehouse development limited, inventory stable, and
rents strong in the higher quality, well located assets. The continued redevelopment of
Central or Inner Suburban industrial to higher end uses is also putting pressure on Suburban
supply and creating pockets of relative price insensitivity among certain user groups. The
underlying strength to this trend is that the total 128 Inner Ring market industrial inventory
decreased from Q4 2001 (42.9 MSF) to Q1 2016 (33.5 MSF) representing a 29.7% reduction
in supply.

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

I-495 SOUTH WAREHOUSE MARKET MARKET OVERVIEW

The I-495 South warehouse submarket contains the largest inventory and deepest tenant I-495 WEST WAREHOUSE MARKET
pools in Greater Boston and regularly attains the greatest leasing velocity and highest
absorption rates year-after-year. Access to I-93, Route 24, and the I-495/95 and I-495/90 The I-495 West warehouse submarket is one of the most vibrant and well located of all
interchanges makes the I-495 market an excellent location to attract a lower-cost and the submarkets in Greater Boston and consequently is consistently supply-constrained.
skilled workforce, which were key factors to why this market was originally developed and Access to the I-495/95 and I-495/90 interchanges makes the I-495 market an excellent
continues to thrive. I-495 South’s 17.8 MSF warehouse submarket is currently marked by location to attract a lower-cost and skilled workforce, which were key factors to why this
an overall vacancy rate of 11.8%. After record absorption in 2013, the market has had a market was originally developed and continues to thrive. As a stand-alone submarket,
slow, steady march toward lower vacancy rates (14.1% in Q1 2015 to 11.8% in Q4 2016) the I-495 West’s 5.4 MSF warehouse submarket is currently marked by a vacancy rate
with periods of both positive and negative absorption. The current absorption for Q4 2016 of 6.3%, which has plummeted since the fourth quarter of 2011, during which vacancy
stands at -106,000 marking a three quarter negative absorption trend that totals -271,000 was 21.6%. Accounting for just 34% of inventory, the inventory of space with at least
SF of absorption, the first consecutive three quarter decline in over eight years. For 2016, 28 foot clear ceiling height has come under particularly demand in recent periods, with
absorption was holding flat at -40,000 SF. Mirroring a trend seen elsewhere in the market, vacancy levels at an unprecedented and astonishing 0.0% for six consecutive quarters
tenant demand patterns first favored the most modern structures built in accordance with in 2014-2015. One asset makes up the 100% of high bay vacancy in the submarket. The
contemporary desires for ceiling height, loading capabilities and other characteristics, total vacancy for high bay is 9.1% or 3% when totaling it as a percentage of the total
with the “rising tide lifts all boats” concept playing out as second tier property absorption submarket inventory. Of particular note, Amazon has leased approximately 163,000 SF of
followed suit as high bay vacancy plummeted. Properties with at least 28 foot ceilings 12 Industrial Road, Milford, with the remaining 162,000 SF representing the one block of
have attracted steady demand of over the last three years, having seen high-bay vacancy space in this submarket in the high bay sector. Given sustained demand and almost non-
fall from 11.2% in Q4 2015 to 6.0% in Q3 2016. The high bay vacancy in Q4 2016 has existent new supply market-wide, vacancy is expected to continue to remain “very low”
jumped to 10.5% (or 5% when taking it as a percent of the overall inventory) due to the over the near term, with tenants’ most preferred space non-existent and a construction
recent completion of the market’s first speculative building at 150 Charles Colton Road in pipeline empty, providing tenants only BTS alternatives for the next several quarters.
Taunton. In addition, Conroy Development has broken ground on a 91,200 SF speculative We anticipate the vacancy to remain the same in the coming quarters with a general
warehouse building at 600 West Street in Cabot Park, Mansfield with a Q2 2017 target low availability of space. Tenants will be pushed south in order to find suitable available
completion date. Adding to the supply availability, 800 John Quincy Adams Road in space.
Taunton has become available with Central Pet & Garden vacating the 350,000 SF building
in Myles Standish Park in the first half of 2017. I-495 NORTH WAREHOUSE MARKET

The I-495 North warehouse submarket continues to draw interest from tenants and
investors for its cache of high-quality space and its ability to draw low-cost labor from
southern New Hampshire and from all along I-495 in Massachusetts. Comprised of 8.0
MSF of space, the I-495 North warehouse submarket currently has a vacancy rate in Q4
2016 of 8.6%, down from 16.7% in the Q4 of 2013. The region has experienced positive
absorption in nine of the last twelve quarters, which equates to positive absorption,
totaling 817,000 SF during that time period. The 3.3 MSF of high-bay space (28-foot clear
and above) has dried up, with 123,000 SF absorbed over the last twelve months, driving
vacancy down to 3.1%. With a non-existent construction pipeline and sustained interest
from large-block tenants looking for premium space, the supply of warehouse space in
I-495 North should continue to be constrained, a phenomenon which will likely increase
demand for the most modern, well-located assets in the region. With of total of less than
335,000 SF (only 103,000 SF vacant) of +28’ Clear space available in the submarket,
tenants will be forced to expand their geography to accommodate requirements, a trend
well underway.

5

MARKET OVERVIEW

ROUTE 128 NORTH WAREHOUSE MARKET

The Route 128 North warehouse submarket is one of the highest-performing submarkets in
all of Greater Boston, historically posting the region’s lowest vacancy rates while maintaining
one of the largest inventories in the market. Its superior existing infrastructure and its
fortuitous distribution location at the heart of three interstate highways has made Route 128
North one of the premier locations for warehouse users. The submarket’s 9.9 MSF of space
currently has a vacancy rate of 8.1%. The absorption in Q4 2016 was 22,000 SF. Rental rates
showed an increase over the quarter to $6.50, but down from a period of 18-24 months as a
result of removal of some higher priced Class A product from the market which diluted the
pool of advertised rental rates, as well as larger, lower-cost availability coming to market.
Achieved lease rates in this submarket are the highest in the suburban warehouse market.
In addition, the availability rate is now down to 12.3%, which is up from the recent record
low of 10.5% seen in Q3 2016. This market will also benefit from any movement north as the
urban supply constrain that pushes companies to look in a wider geography. Investor interest
remains high with relatively few opportunities coming to market. A lack of new supply has
tightened the market, yet superior access and a tight Central Areas market should continue
to filter aggressive demand into Route 128 North, especially into premium properties built
in the last 20 years.

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

MARKET OVERVIEW

STRENGTH OF THE I-93 NORTH MICROMARKET STRENGTH OF THE BOROUGHS WAREHOUSE
MICROMARKET
With its desirable distribution location that intersects I-495 at its north and I-95 at its
south, I-93 North has consistently exhibited the tightest conditions in the overall North With a centralized location at the intersection of I-495 and I-90, The Boroughs has consistently
market due to its superior access, quality of real estate and barriers to entry for new outperformed the overall I-495 West submarket due it its superior access, quality of real estate
supply. The I-93 North micromarket consists of portions of the I-495 North and Route 128 and barriers to entry for new supply. As of the third quarter of 2016, the I-495 West warehouse
North submarkets and contains 9.0 MSF of space that stretches along I-93 from Methuen submarket has a vacancy rate of 6.3% and average rents of $5.92/SF. The Boroughs warehouse
to Woburn and has absorbed 122,000 SF in the past twelve months. Vacancy is currently micromarket, for comparison, has vacancy rates and average rents of 1.5% and $6.28/SF,
4.6%, while the micromarket’s 2.5 MSF of high-bay space is at a record low vacancy of respectively. Extreme supply constraints and lack of space have lowered velocity from a statistical
0.0% for the third consecutive quarter. With over 70% of the market consisting of low bay standpoint. The high bay vacancy rate in the submarket is 9.1%, representing 1 available block of
product, and the overall micromarket vacancy at an all-time low of 4.6%, the market could space (162,000 SF). The micromarket experienced 149,000 SF of absorption for the quarter on
face the prospect of losing companies to surrounding submarkets, given the lack of supply. the heels of recently signed leases in Westborough bringing vacancy to an all-time record low.
This trend has begun with the recent relocation of Colonial Systems to Littleton.
The strength of the Boroughs warehouse submarket is best exemplified by its long list of corporate,
The strength of the I-93 North micromarket is best exemplified by its long list of corporate, credit-quality tenants such as EMC Corporation/Dell, Genzyme, Hologic, DHL, Ken’s Foods,
credit-quality tenants such as FedEx, Market Basket, Shaw’s Supermarkets, Hewlett-Packard, ColumbiaTech, Rand Whitney, Maines, McKesson, Cumberland Farms, FedEx, Barret Distribution, Iron
National Grid, Restaurant Depot, Shire, Waste Management and New England Coffee Company. Mountain and National Grid.

STRENGTH OF THE BELLINGHAM/FRANKLIN STRENGTH OF THE DEVENS/LITTLETON WAREHOUSE
WAREHOUSE MICROMARKET MICROMARKET

With a centralized location equidistant from the intersections between I-90/I-495 to The Devens/Littleton micromarket is located at the Route 2/I-495 Interchange and mainly
the north and I-495/I-95 to the south, Franklin/Bellingham (4.0 MSF) has consistently consists of the Devens Industrial Park and the Littleton Distribution Center. The warehouse
outperformed the overall I-495 West and South submarkets due to its superior access market consists of 2.4 MSF and is currently 13.9% vacant (recent large block from St.
and quality of real estate. As of the second quarter of 2016, the I-495 South warehouse Gobain increased vacancy) and there was 19,000 SF of positive absorption in the quarter.
submarket demonstrated a vacancy rate of 11.8% and average asking rents of $5.74/SF. The This micromarket has the newest inventory of all micromarkets with the average of the
Franklin/Bellingham warehouse micromarket has consistently experienced far healthier product 20.5 years old. As a result the newer product tends to be functionally superior
vacancy rates and average rents. There are a few large blocks of space remaining that make when compared to older, second generation product located throughout the more mature
up a majority of the current availability. The micromarket vacancy in the current quarter is micromarkets (including a few buildings from the late 70’s/early 80’s). The Devens/Littleton
7.5%. Average asking rental rates in Franklin/Bellingham have remained stable at $6.18/SF. micromarket’s warehouse absorption over the last twelve months is flat at 64,000 SF. In
addition, one of the largest suburban BTS projects has been completed in Littleton with
The strength of Franklin/Bellingham as a standalone submarket is best exemplified by Potpourri completing 450,000 SF at the Littleton Distribution Center. With current activity,
its long list of corporate, credit-quality tenants such as EMC Corporation/Dell, Best Buy, it is expected that vacancy will decrease in the coming quarters.
Williams Sonoma, Cold Chain Technologies, Lindenmeyer Monroe, Garelick Farms/Suiza
Food, Keebler Foods, Kuehne & Nagel, Roper Industries, Owens & Minor, General Cable, The micromarket has several high-profile owner/users and a strong stable of tenants
Entegris, Clark Cutler McDermott, Iron Mountain, Thermo Fisher, Sleepy’s, Tegra Medical, including Bristol-Myers Squibb, SMC, NYPRO/Jabil, American Superconductor, Quiet
VWR Scientific, Imperial Bag, Crown Equipment, Dunkin’ Donuts DCP and Ferguson. Logistics, Kraft Foods, Ryerson, O’Reilly Autoparts and Parker Hannifin to name a few.

7

MARKET OVERVIEW

STRENGTH OF THE MANSFIELD/TAUNTON WAREHOUSE METRO SOUTH MARKET OVERVIEW
MICROMARKET
The Metro South warehouse submarket, which consists of Route 128 South and Central
Located on the southern end of I-495, the Mansfield/Taunton warehouse micromarket consists Areas inside of Route 128 (including Boston), has seen its highest levels of sustained activity
of 6.9 MSF of warehouse space (7,100,000 SF of industrial space) and is currently 9.6% vacant as in many years as the neighboring I-495 submarkets continue to tighten and new pressure on
of Q4 2016. Containing two of the state’s top master planned parks (Cabot Park, approx. 900 urban and Central Area users strengthen with increased redevelopment of industrial land
acres, 4.9 MSF and 2.7% vacant; and, Myles Standish Industrial Park, approx. 655 acres, 5.72 and buildings.
MSF and 8.5% vacant), the Mansfield/Taunton micromarket boasts superior access to I-495/I-95
which is one of the two major interchanges in Eastern Massachusetts (I-90/I-495 being the While lacking the perceived superior regional accessibility of submarkets like the Boroughs’
other). In addition, access to Routes 24 and 140 offer additional accessibility within the I-495 or Mansfield/Taunton, the Metro South submarket has benefited from greater concern and
South corridor. The Mansfield/Taunton micromarket has experienced 215,000 SF of warehouse focus on transportation costs, time and delivery logistics from tenants focused on serving
absorption in the last 12 months up until Q3 2016. The recent completion of the market’s first the end user/last mile in the Greater Boston Area. The two most high profile examples of this
speculative building created 213,000 SF of negative absorption for the current quarter. There trend are: Amazon’s first sorting center located at 1000 Technology Center Drive, Stoughton;
have been two BTS projects completed recently totaling over 450,000 SF along with another and, FedEx announced a redevelopment of the Boston Scientific facility at 500 Commander
almost completed 1 MSF project in this micromarket. In addition, Amazon has completed a Shea Boulevard in Quincy. In addition, the recent purchase of 200 Meadow Road in Hyde
second Massachusetts facility totaling 1 MSF to be built in Fall River. With the recent completion Park by a JV that includes two users totaling 200,000 SF is further pressure in an already
of 150 Charles Colton Road, we have now seen the first speculative construction delivered with supply constrained market.
this 200,000 SF Class A asset. The addition of 150 Charles Colton Road, 800 John Quincy Adams
Road in Taunton and 600 West Street in Mansfield to the supply will likely raise vacancy in the The 15.64 MSF market has experienced positive absorption in six of the last eight quarters
coming quarters. totaling 1.516 MSF with a negative 67,000 SF coming in Q4 2016. The submarket has
experienced 907,000 SF of positive absorption in the last twelve months lowering the
The superior performance of well-located master planned industrial parks through all cycles is vacancy rate from 14.1% in Q4 2015 to the current Q4 2016 vacancy rate of 7.0%. Vacancy
buoyed by the impressive tenant roster found within the micromarket. These tenants include is 2.0% in the Central Areas submarket (comprising of Boston and the inner suburbs), the
Toyota, Medtronic, Graybar, Tyco, Jordan’s Furniture, General Dynamics, Lagasse, Inc., PetCo, lowest on record after years of strong in-place leasing and loss of outdated inventory that
Shaw, Agar, Medline, Dealer Tire, Summit Tire and Rolf Hagen to name a few. has been converted to other property types. The lack of supply has created a static leasing
environment with just 102,000 SF absorbed in the last twelve months.

This pressure, along with continued steady demand within I-495 West/South and the Central
Areas, is expected to increase leasing velocity and the associated rental rates in the Metro
South market for the foreseeable future. A sampling of users that call the Metro South home
due to the market drivers mentioned above include Amazon, Boston Scientific, Verizon,
National Grid, FedEx, Home Depot and Restoration Hardware.

SUMMARY

In conclusion, the top tier Class A suburban product is leasing at significantly higher rental rates with recent and pending transactions averaging $6.50 - $6.75 PSF NNN in 30’ clear newer product.
This is driving investors’ interest in this warehouse micromarket as a greater rising tide will provide a broad market lift and ultimately new construction as illustrated by activity in recent BTS
construction on land-sites with over 3.9 MSF pending/recently completed in new BTS construction. In addition, close-in, urban, last-mile demand will continue to apply pressure to all product
classes within the inner ring, as illustrated by recent lease executions and user purchases. Central Areas activity has placed an already tight urban market into uncharted territory and has sent rents
escalating.

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

MARKET OVERVIEW

KEY MARKET DYNAMICS TO WATCH

While the market has been on an unprecedented upswing, we believe that it is wise to always “look around the corner”. While nothing is imminent, it is important to watch the
following companies for potential new vacancy exposure based upon business factors specific to their operations:

• 12 INDUSTRIAL ROAD, MILFORD — MARKETED ACTIVELY FOR LEASE

Amazon has committed to and leased 163,000 SF of this space, leaving 162,000 SF available for lease.

• DUNKIN’ DONUTS DISTRIBUTION – 150 DEPOT STREET, BELLINGHAM

Dunkin’ Donuts continues to grow and may look to redistribute their national footprint over the next 5 years. The latest iteration has the asset sold on a 10-year leaseback at $25.5
Million/$100.95 PSF representing a 6.41% cap rate. No vacancy or availability is expected at this time.

• 150 CHARLES COLTON ROAD, TAUNTON - SPEC WAREHOUSE DEVELOPMENT

This land site recently traded hands from Conroy Development to TA Realty. TA has just completed a 200,000 SF, 30’ clear speculative warehouse building. This is the first speculative
“Best-in-Market” building constructed in over ten years.

• 600 WEST STREET, MANSFIELD — SPEC WAREHOUSE DEVELOPMENT

Conroy Development has broken ground on an 91,000 SF, 32’ clear speculative warehouse building at 600 West Street in Mansfield.

• 800 JOHN QUINCY ADAMS ROAD, TAUNTON — CENTRAL PET & GARDEN

This 350,000 SF asset will be vacated in the first half of 2017 by Central Pet & Garden who occupies 250,000 SF. The building currently has 100,000 SF of vacancy, but the building
is being marketed in its entirety.

• 200 MEADOW ROAD, HYDE PARK

In Q3 2016, this 200,000 SF building was made available for sale vacant by MS Walker due to their lease at 305 University Avenue in Norwood. The building was quickly put under
agreement by a JV that included GFI as investor and Katsiroubas and Abex as users of the building for $10.25 Million/$51.25 PSF.

In closing, Transwestern believes that the strength of the market is rooted in strong leasing fundamentals driven by real tenant demand and a severely supply
constrained environment. We do not see this changing in the coming year.

9

2016 PENDING/CONTEMPLATED BTS TRANSACTIONS

VICTORY PACKAGING AMAZON SULLIVAN TIRE
250,000 SF 200,000 SF
1,000,000 SF
NEW- BELLINGHAM NEW- FALL RIVER NEW- TAUNTON
BTS PURCHASE BTS LEASE
BTS LEASE
COMPLETED Q4 2015 COMPLETED Q3 2016 COMPLETED Q4 2014

POTPOURRI MARTIGNETTI LIQUORS AMAZON
450,000 SF 680,000 - 1,300,000 SF 700,000 - 1,000,000 SF
NEW- LITTLETON
BTS LEASE NEW- TAUNTON NEW- 495 WEST
COMPLETED Q2 2016 BTS OWN BTS LEASE
ACTIVE
Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT UNDER CONSTRUCTION

2016 PENDING/CONTEMPLATED BTS TRANSACTIONS

ACTIVE 600 WEST STREET 150 CHARLES COLTON ROAD
91,000 SF 200,000 SF
SPEARS MANUFACTURING
130,000 SF NEW- MANSFIELD NEW- TAUNTON
SPEC SPEC
NEW- 495 SOUTH
Q2 2017 DELIVERY Q4 2016 DELIVERED

11

OVERALL MARKET TRENDS Q4 2016

WAREHOUSE MARKET HOLDS RECORD SETTING TERRITORY TOTAL WAREHOUSE MARKET
ABSORPTION SINCE 2011:
• The warehouse market showed no signs of slowing down, remaining near record-setting
territory. The fourth quarter of 2016 saw 147,000 SF of positive absorption (1,486,000 SF for 7 MSF since 2011
the last twelve months) with the Greater Boston warehouse market’s vacancy at 8.8% near its (12.3% of total inventory)
lowest recorded rate of 8.7% as seen in Q3 2016. Rental rates hover around $6.00 PSF, with a
current average asking rate of $6.05 PSF. The highest rents are achieved in the Central Areas TENANT FOCUS
submarkets, which has an average rate of $6.74 PSF.
Amazon moved into 164,000 SF at 12 Industrial Road in
• Warehouse space along Route 128 has seen positive absorption for nine out of the last ten Milford adding to its existing footprint in Greater Boston,
quarters, totaling 2.1 MSF during that period. which includes:

• Of the 3 MSF inventory in the Central Areas, only 60,000 SF remains vacant (2%). Of the 4.4 • 1 MSF in Fall River • 26,700 SF in Boston
MSF of inventory in the Boroughs micromarket, only 64,000 SF remains vacant (1.5%)
• 332,000 SF in Stoughton • 96,600 SF in Everett
• Strategically placed at the crossroads of 1-95 and 1-495 and roughly equidistant to Boston
and Providence allowing convenient access to multiple markets, Mansfield warehouse space • 60,552 SF in Dedham TOTAL FOOTPRINT = 1,679,852 SF
has enjoyed single digit vacancy for six straight years.

*They remain active in Greater Boston for industrial (and office) space.

INDUSTRIAL SUPPLY REDUCTION IN CENTRAL AREAS

The Central Areas Industrial submarket has seen its highest levels of sustained activity as submarkets throughout neighboring Route
128 and I-495 continue to tighten. Shrinking inventory levels and high demand for quality distribution centers close to urban areas due
to e-commerce has dropped vacancy to record lows.

Over the past 15 years, warehouse inventory within the “Central Areas” inside Route 128 has reduced by nearly 55%, while more
recently, vacancy rates have decreased by 80% over the past decade. Despite the lack of supply and strong occupancy levels, many
e-commerce retailers have shifted their supply chain logistics by committing warehouse/distribution facilities as close to Boston as
possible in order to service consumers without paying downtown rents, which has become increasingly difficult to find. Amazon is
a recent example, executing a 10-year lease at the 332,000 SF former Reebok facility in Stoughton, serving as its Greater Boston
Sortation Facility in order to facilitate faster delivery such as same-day and Sunday deliveries.

Vacancy is 2.0% within the Central Areas submarket (comprising of Boston and the inner suburbs), the lowest on record after years of
strong in-place leasing and loss of outdated inventory that has been converted to other property types.

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

13

MARKET SNAPSHOT Methuen Over the past 14 years, Greater Boston’s urban industrial inventory
Lawrence
has declined 5 million square feet. The inner Route 128 ring has
Andover
CENTRAL AREAS/ROUTE 128 Dracut seen the most dramatic decrease in urban industrial inventory
HISTORICAL INVENTORY COMPARISON Lowell
Tyngsborough represNorth enting a 30% decrease in space, and nearly a 60% reduction

Andover

when solely focusing on the “Central Areas” closest to Metro Boston.

Tewksbury

Westford Chelmsford North Reading Danvers
Littleton Carlisle
Billerica Wilmington Beverly 128 NORTH

Reading Lynnfield 13.3 14.4Peabody

MSF MSF 7.6%

Harvard Bedford Burlington Wakefield SalemQ4 2016 SUPPLY Q4 2001 SUPPLY REDUCTION SINCE
Concord Marblehead Q4 2001
Boxborough Acton
Saugus 57.6%
Woburn Stoneham Lynn Swampscott
REDUCTION SINCE
Winchester Melrose Q4 2001

Bolton Lexington Malden Nahant 8.8%
Everett
Stow Maynard Lincoln Arlington Medford REDUCTION SINCE
Weston Q4 2001
Revere

Hudson Belmont CambSroidmgeerville Chelsea

Berlin Marlborough Sudbury Waltham Winthrop
Framingham Watertown
128 WEST 61.1% Wayland
CENTRAL AREAS
782 KSF 2.01 MSFNorthborough REDUCSoTuItOhbNorSoIuNgCh E Newton Brookline Boston
Q4 2016 SUPPLY Q4 2001 SUPPLY Q4 2001 Weymouth 4.5 MSF 10.6 MSF
Wellesley Q4 2016 SUPPLY Q4 2001 SUPPLY
Needham
Natick

Westborough

Ashland

Sherborn Dover Dedham Milton Quincy
Medfield Westwood Braintree
Hopkinton Hingham
Norwell
Holliston

Norwood Randolph

Canton

Milford Medway Millis Holbrook

28.6% Walpole 24 Rockland
Avon Abington
REDUCTION SINCE Norfolk Sharon Stoughton 128 SOUTH
Q4 2001
Franklin

14.6 16.0Brockton Whitman MSF
TOTAL MSF
Bellingham Foxboro
33.2 MSF
Q4 2016 SUPPLY Wrentham Q4 2016 SUPPLY Q4 2001 SUPPLY

Easton West East
Bridgewater Bridgewater

Plainville Mansfield

42.9 MSF North Norton Bridgewater
Q4 2001 SUPPLY Attleboroough Raynham

Attleboro

Taunton

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

Methuen MARKET SNAPSHOT

Tyngsborough Dracut Lawrence North I-495 HISTORICAL
Lowell Andover Andover INVENTORY COMPARISON

Tewksbury

Westford Chelmsford

495 NORTH North Reading Danvers

8.0 MSF 8.0 MSF Billerica Wilmington Beverly

0% Reading Lynnfield Peabody

CHANGE SINCE Littleton Carlisle
Q4 2001 Bedford
Q4 2016 SUPPLY Q4 2001 SUPPLY
Concord
Harvard Burlington Wakefield Salem
Marblehead
Boxborough Acton Saugus
Swampscott
Woburn Stoneham Lynn

Winchester Melrose

Bolton Stow Maynard Lexington Malden Nahant
Berlin Arlington
Lincoln Medford
Weston Belmont
Everett Revere TOTAL
Waltham Winthrop
Hudson Watertown CambSroidmgeerville Chelsea 31.2 MSF
Q4 2016 SUPPLY
Sudbury

495 WEST Marlborough Wayland 17.3%

5.4 MSF 6.1 MSF Newton Brookline INCREASE SINCE
Weymouth Q4 2001

11.5%Northborough Framingham Boston

Southborough Wellesley
Needham
Q4 2016 SUPPLY Q4 2001 SUPPLY REDUCTION SINCE Natick 26.6 MSF
Q4 2001
Westborough

Ashland Q4 2001 SUPPLY

Sherborn Dover Dedham Milton Quincy Hingham
Westwood Braintree
Hopkinton

Holliston Medfield

Norwood Randolph

Canton Norwell

Milford Medway Millis Holbrook

Walpole 24 Rockland
Avon Abington
Norfolk Sharon Stoughton

495 SOUTH Franklin

17.8 MSF 12.5 MSF Brockton Whitman

42.4% Bellingham Foxboro As the inner ring inventory has declined,

Q4 2016 SUPPLY Q4 2001 SUPPLY CHANGE SINCE Wrentham
Q4 2001
Easton West theEast I-495 inventory has actually increased
Bridgewater
Bridgewater

Plainville Mansfield over the same period by 17.3% and can be

North attributedBridgewater to the 42.4% growth in the I-495
Attleboroough
Norton South submarket. The inner ring dynamics
Attleboro Raynham have provided a boost to the I-495 existing

Taunton inventory and new construction.

15

MARKET SNAPSHOT Methuen
Dracut
Tyngsborough Lowell Lawrence
North

Andover
Andover

Tewksbury

Westford Chelmsford Billerica Wilmington North Reading Danvers Beverly CENTRAL AREAS/INNER URBAN
Littleton Carlisle Lynnfield Peabody WAREHOUSE MARKET STATISTICS

Reading

Harvard Bedford Burlington Wakefield Salem
Concord Marblehead
Boxborough Acton Saugus
Swampscott
Woburn Stoneham Lynn

Winchester Melrose NORTH SHORE

Bolton Lexington Malden Nahant
Everett
Stow Maynard Lincoln Arlington Medford Market Size: 1,300,000 SF

Revere

Hudson Belmont CambSroidmgeerville Chelsea Total Vacancy: 1.5%
Marlborough
Berlin Sudbury Waltham Winthrop Total Availability: 1.8%
Watertown
Wayland Weston
Boston
Absorption: 0 SF
Newton Brookline
Weymouth
Northborough Framingham LTM Absorption: 36,000 SF

Southborough Wellesley

Natick Needham

Westborough BOSTON

Ashland Market Size:
Total Vacancy:
Dedham Quincy Total Availability:
Absorption:
Sherborn Dover Milton LTM Absorption: 1,100,000 SF
3.7%
Hopkinton Westwood Hingham 16.4%
Milford 0 SF
Holliston Medfield Braintree 66,000 SF
Randolph
Norwood

Canton Norwell

Medway Millis Holbrook

Walpole 24 Rockland
Avon Abington
Norfolk Sharon Stoughton

Franklin

Brockton Whitman CAMBRIDGE - NW

Bellingham Foxboro Market Size: 625,000 SF

Wrentham

Easton West East Total Vacancy: 0%
Bridgewater Bridgewater
Total Availability: 8.1%
Plainville Mansfield

North Absorption: 0 SF
Attleboroough LTM Absorption: 0 SF
Norton Bridgewater
Attleboro Raynham
Taunton

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

Methuen MARKET SNAPSHOT

Tyngsborough Dracut Lawrence
Lowell
North
Andover

Andover

Tewksbury

Westford Chelmsford Billerica Wilmington North Reading Danvers Beverly 128 WAREHOUSE MARKET STATISTICS
Littleton Carlisle Lynnfield Peabody
128 Warehouse Market—22.650 MSF
Reading

Harvard Bedford Burlington Wakefield Salem
Concord Marblehead
Boxborough Acton Saugus
Swampscott
Woburn Stoneham Lynn

Winchester Melrose 128 SOUTH

Bolton Lexington Malden Nahant
Everett
Stow Maynard Lincoln Arlington Medford Market Size: 12,585,000 SF

Revere

Hudson Belmont CambSroidmgeerville Chelsea Total Vacancy: 8.2%
Marlborough
Berlin Sudbury Waltham Winthrop 44% Total Availability: 21.1%
Watertown
Wayland Weston
Boston

Newton Brookline 55% Absorption: (67,000) SF
Weymouth
Northborough Framingham LTM Absorption: 805,000 SF

Southborough Wellesley

Natick Needham

Westborough 128 NORTH

Ashland Market Size:
Total Vacancy:
Sherborn Dover Dedham Milton Quincy Total Availability: 9,980,000 SF
Westwood Braintree Absorption: 8.1%
Hopkinton Hingham LTM Absorption: 12.3%
Milford 22,000 SF
Holliston Medfield 191,000 SF

Norwood Randolph

Canton Norwell

Medway Millis Holbrook

Walpole 24 Rockland
Avon Abington
Norfolk Sharon Stoughton

Franklin

Brockton Whitman 128 WEST

Bellingham Foxboro Market Size: 154,000 SF

Wrentham Total Vacancy: 0.0%
0.0%
Easton West East Total Availability: 0 SF
Bridgewater Bridgewater Absorption:
0 SF
Plainville Mansfield LTM Absorption:

North Norton Bridgewater
Attleboroough Raynham
Taunton
Attleboro

17

MARKET SNAPSHOT Methuen
Dracut
Tyngsborough Lowell Lawrence
North

Andover
Andover

Tewksbury

Westford Chelmsford Billerica Wilmington North Reading Danvers Beverly I-495 WAREHOUSE MARKET STATISTICS
Littleton Carlisle Lynnfield Peabody
I-495 Warehouse Market - 31.172 MSF
Reading

Harvard Bedford Burlington Wakefield Salem
Concord Marblehead
Boxborough Acton Saugus
Swampscott
Woburn Stoneham Lynn

Winchester Melrose 495 SOUTH

Bolton Lexington Malden Nahant Market Size:
Everett Total Vacancy:
Stow Maynard Lincoln Arlington Medford Total Availability: 17,803,000 SF
Absorption: 11.8%
Revere LTM Absorption: 19.1%
(106,000) SF
Hudson Belmont CambSroidmgeerville Chelsea (40,000) SF
Marlborough
Berlin Sudbury Waltham Winthrop
Watertown
Wayland Weston
Boston

Newton Brookline
Weymouth
Northborough Framingham

Southborough Wellesley

Natick Needham

Westborough 495 NORTH

Ashland Market Size:
Total Vacancy:
Sherborn Dover Dedham Milton Quincy Total Availability: 8,010,000 SF
Westwood Braintree Absorption: 8.6%
Hopkinton Hingham LTM Absorption: 15.0%
Milford 120,000 SF
Holliston Medfield 212,000 SF

Norwood Randolph

Canton Norwell

Medway Millis Holbrook

Walpole 24 Rockland
Avon Abington
Norfolk Sharon Stoughton

Franklin

Brockton Whitman 495 WEST

Bellingham Foxboro Market Size: 5,359,000 SF

Wrentham

Easton West East Total Vacancy: 6.3%
Bridgewater Bridgewater
Total Availability: 12.9%
Plainville Mansfield

North Absorption: 177,000 SF
Attleboroough LTM Absorption: 217,000 SF
Norton Bridgewater
Attleboro Raynham
Taunton

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

MARKET SNAPSHOTMarket Overview | 128 WAREHOUSE

Contiguous Availabilities

128 & CENTRAL AREAS WAREHOUSE CONTIGUOUS BLOCKS ANALYSIS Metro  South  WAREHOUSE

Q4 2016 Number of choices
30

26

128 WThAeRseEcHhaOrtUs hSigEhlight how tight the market has become when looking for space 100,000 SF and greater. There is now 25 22
20 19

Availabilitiesan extreme shortage of availability of space greater than 200,000 SF which will continue to put upward pressure on 15 13
rents. There is only one block of space greater than 200,000 SF available in 128 North and only 2 spaces greater than 10 8

200,000 SF in 128 South. 5

Market Overview | 128 WARE0HOUSE 21

128  &  Central  Areas  WAREHOUSE Contiguous Availabilities5 to 10K 10 to 20K 20 to 60K 60 to 100K 100 to 200K 200 to 300K 300K +

Block size (sf in thousands)

Number of choices Contiguous availabilities in given size ran12g8e , Ndoisrttihn  cWt ApRroEpHerOtiUesSE
40 495 Total Market Number of choices
35 34
14
30
12
12

33 10

30 87 7

65

25 43

20 2 1 0
20 20 to 60K 60 to 100K 100 to 200K 200 to 300K 300K +
Market Overview | 128 WAREHOUSE

Contiguous Availab0 ili5ttoi1e0Ks 10 to 20K

Block size (sf in thousands)

15 12 Contiguous availabilities in given size ra1n2g8e , Wdiesstitn  WctApRroEpHeOrtUieSsE
10 495 Total Market Number of choices

5 32 1

0 0.9

5 to 10K 10 to 20K 20 to 60K 60 to 100K 100 to 200K 200 to 300K 300K + 0.8

Block size (sf in thousands) 0.7 0
300K +
0.6
*Metro South is defined by the combination of 128 South & Central Areas submarkets.
0.5
us availabilities in given size range, distinct properties
0.4

0.3

0.2

0.1
000000

0
5 to 10K 10 to 20K 20 to 60K 60 to 100K 100 to 200K 200 to 300K

Block size (sf in thousands)

Contiguous availabilities in given size range, distinct properties 19
495 Total Market

MARKET SNAPSHOT Market Overview | 495 WAREHOUSE

Contiguous Availabilities

I-­495  North  WAREHOUSE

I-495 WAREHOUSE CONTIGUOUS BLOCKS ANALYSIS Number of choices 12
Q4 2016 14

12

10

These charts highlight how tight the market has become when looking for space 100,000 SF and greater. 87
6

view | 4Th9e5reWisAnoRwEHanOeUxtSreEme shortage of availability of space greater than 200,000 SF, particularly in the 495 4 4
4 3

ous AvailabilitiesWest and North markets, which will continue to put upward pressure on rents. Of the five 200,000+ SF 2

big blocks of space currently available, three are either shadow spaces or are located in secondary/MtaerrkteitaOrvyerview 00

| 495 0 10 to 20K 20 to 60K 60 to 100K 100 to 200K 200 to 300K 300K +

WAREHOU5StoE10K

locations. Contiguous AvailabiBlloictk isiezes(sf in thousands)

Contiguous availabilities in given size range, distinct properties

495 North I-­495  West  WAREHOUSE

I-­495  WAREHOUSE Number of choices
7
Number of choices 38
40 6
6
35
5
5

4
4

3
3

2
2

30 27 1 0 0
20 to 60K 60 to 100K 100 to 200K 200 to 300K 300K +
25 23 Market Overview | 495 WAR0EHO5UtoS1E0K 10 to 20K
21 15
Contiguous AvailabiBlloictk isiezes(sf in thousands)
20
Contiguous availabilities in given size range, distinct properties
15 I-­495  South  WAREHOUSE
495 West

Number of choices
25

21

10 20

5 15 14 14 15
5
1 10
300K + 10

0 5
5 to 10K 10 to 20K 20 to 60K 60 to 100K 100 to 200K 200 to 300K 5

Block size (sf in thousands) 1

0
5 to 10K 10 to 20K 20 to 60K 60 to 100K 100 to 200K 200 to 300K 300K +

Block size (sf in thousands)

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT Contiguous availabilities in given size range, distinct properties
495 South

MARKET SNAPSHOT

HI-BAY WAREHOUSE INVENTORY & VACANCY BY SUBMARKET
HMIGarHkeCt EOIvLeIrNviGewIN| 4V95ENWATORERHYOUSSHE ARE
AsHpreivgiohuslyBstaateyd,Wthe amrodeerhn,ohiughsere-baIynprvodeucnt htaos rouytpe&rforVmeadcthae nremcayindberyofSthue mbamrketa. Vrackanecytin the high-bay sector has consistently remained

below 10% over the past several years. This bodes well for any new high-bay product that will come on to the market over the next few years.

High ceiling inventory share 495 West* 495 South

495 North

LOW HIGH LOW HIGH LOW HIGH
41.3% 33.4%
44.7%

3.3 MSF 1.8 MSF 8.0 MSF 28+ Ceiling
1.3% 3.0% 4.1% Inventory by Submarket
Vacancy %
28 foot clear + space as a percent of inventory, by submarket
All submarkets dominated by obsolete warehouse space As a % of total submarket inventory

21

LEASE COMPARABLES

100 MEADOW ROAD, BOSTON 15 FORGE PARK, FRANKLIN

TENANT: HD SUPPLY TENANT: CROWN EQUIPMENT CORP.
SIZE: 152,290 SF SIZE:
TERM: 3 YRS TERM: 65,706 SF

NNN RENT: 10 YRS 3 MOS

Y1: $5.86 FREE RENT: Y1: $7.75 Y6 $8.53
NNN RENT: Y2: $6.04 TI/SF: Y2: $7.91 Y7: $8.68
Y3: $8.06 Y8: $8.84
Y3: $6.22 Y4: $8.22 Y9: $8.99
Y5: $8.37 Y10 $9.15

FREE RENT: NONE 3 MOS

TI/SF: AS-IS $10.00 PSF

625 UNIVERSITY AVENUE, NORWOOD PODS ENTERPRISES, INC 65 SPRAGUE STREET, HYDE PARK R.R. DONNELLEY & SONS COMPANY
114,348 SF 128,755 SF
TENANT: 10 YRS 6 MOS TENANT: 5 YRS
SIZE: SIZE:
TERM: TERM:

NNN RENT: Y1: $4.65 Y6: $5.13 NNN RENT: Y1: $5.70
Y2: $4.74 Y7: $5.24 Y2: $5.81
Y3: $4.84 Y8: $5.34 Y3: $5.93
Y4: $4.93 Y9: $5.45 Y4: $6.05
Y5: $5.03 Y10: $5.56 Y5: $6.10

FREE RENT: 6 MOS FREE RENT: 3 MOS

TI/SF: TURNKEY EST @ $15.00 PSF TI/SF: AS-IS

12 INDUSTRIAL ROAD, MILFORD 14 AEGEAN DRIVE, METHEUN

TENANT: AMAZON TENANT: 1-800-PACK-RAT
SIZE: 163,500 SF SIZE: 227,000 SF
TERM: 7 YRS TERM: 5 YRS 1 MO

NNN RENT: Y1: $6.00 Y5: $6.49 NNN RENT: M1-4: $5.21 Y4: $7.35
Y2: $6.12 Y6: $6.62 M5-12: $6.60 Y5: $7.60
Y3: $6.24 Y7: $6.75 Y2: $6.85 Mo 61: $7.85
Y4: $6.36 Y3: $7.10

FREE RENT: 3 MOS FREE RENT: NONE

TI/SF: $7.00 PSF TI/SF: $3.00 PSF

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

LEASE COMPARABLES

355 MAPLE STREET, BELLHINGHAM 1 DISTRIBUTION CENTER CIRCLE, LITTLETON

TENANT: VICTORY PACKAGING TENANT: COLONIAL SYSTEMS

SIZE: 249,972 SF SIZE: 150,000 SF

TERM: 15 YRS TERM: 8 YRS 4 MOS

NNN RENT: Y1: $6.40 Y9: $8.12 NNN RENT: M1-12: $2.75 M50-61: $6.19
Y2: $6.59 Y10: $8.36 M13: $2.84 M62-73: $6.38
FREE RENT: Y3: $6.79 Y11: $8.61 M14-25: $5.67 M74-85: $6.57
TI/SF: Y4: $7.00 Y12: $8.87 M26-37: $5.84 M86-97: $6.77
Y5: $7.21 Y13: $9.13 M38-49: $6.01 M98-100: $6.97
Y6: $7.43 Y14: $9.40
Y7: $7.65 Y15: $9.68
Y8: $7.88
FREE RENT: 7 MOS
NONE
TI/SF: $2.00 PSF
TURNKEY - BTS

135 CONSTITUTION BOULEVARD, FRANKLIN 112 BARNUM ROAD, DEVENS

TENANT: COLD CHAIN TECHNOLOGIES, INC TENANT: ST. GOBAIN
SIZE: SIZE: 186,496 SF
TERM: 227,000 SF TERM: 5 YRS 6 MOS

NNN RENT: 12 YRS

FREE RENT: Y1: $6.00 Y7: $6.45 NNN RENT: Y1: $7.41 psf w/2% bumps
TI/SF: Y2: $6.12 Y8: $6.58
Y3: $6.14 Y9: $6.76
Y4: $6.26 Y10: $6.89
Y5: $6.29 Y11: $7.03
Y6: $6.33 Y12: $7.17

PHASE-IN (APPROX 3 MOS) FREE RENT: 6 MOS

$4.40 PSF TI/SF: $1.50 PSF

1 BEEMAN ROAD, NORTHBOROUGH FEDEX GROUND PACKAGING 18 INDEPENDENCE DRIVE, DEVENS SMC
342,9000 SF 193,127 SF
TENANT: 7 YRS TENANT: 12 YRS 6 MOS
SIZE: SIZE:
TERM: TERM:

Y(s)1-3: $7.01 NNN RENT: Y1: $4.85 psf w/2% bumps
NNN RENT: Y(s)4-6: $7.41

Y(s)7: $7.71

FREE RENT: NONE FREE RENT: 6 MOS

TI/SF: AS-IS TI/SF: NONE

23

LEASE COMPARABLES

25 OTIS STREET, WESTBOROUGH MAINES 55 LYMAN STREET, NORTHBOROUGH MCKESSON
106,964 SF 203,000 SF
TENANT: 5 YRS TENANT: 7 YRS
SIZE: SIZE:
TERM: TERM:

NNN RENT: Y(s)1-5: $6.45 NNN RENT: Y(s)1-3: $6.35/Y4-7: $6.70 psf

FREE RENT: NONE FREE RENT: NONE

TI/SF: AS-IS TI/SF: $2.90 PSF

20 FREEDOM WAY, FRANKLIN 1000 TECHNOLOGY DRIVE, STOUGHTON

TENANT: OWENS & MINOR TENANT: AMAZON
SIZE: 234,664 SF
TERM: 8 YRS SIZE: 332,000 SF

TERM: 10 YRS

NNN RENT: Y1: $6.10 psf w/2% bumps NNN RENT: Y1: $5.76 psf w/2% bumps

FREE RENT: NONE FREE RENT: NONE

TI/SF: $2.00 PSF TI/SF: AS-IS

3 & 5 SASSACUS DRIVE, WESTBOROUGH 326 BALLARDVALE STREET, WILMINGTON

TENANT: WAYFAIR, LLC TENANT: NATIONAL GRID
SIZE: 103,303 SF
TERM: 5 YRS 8 MOS SIZE: 106,391 SF

TERM: 10 YRS

NNN RENT: Y1: $5.85 NNN RENT: Y1: $6.75 psf w/2% bumps
Y2: $6.10
Y3: $6.35
Y4: $6.60
Y5: $6.85

FREE RENT: 8 MOS FREE RENT: NONE, RENEWAL
TI/SF: $3.50 PSF
(INCLUDING BASE BUILDING) TI/SF: $2.00 PSF

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

LEASE COMPARABLES

112 BARNUM ROAD, DEVENS 1-5 SASSACUS DRIVE, WESTBOROUGH

TENANT: JABIL TENANT: DHL GLOBAL MAIL
SIZE: 200,000 SF SIZE:
TERM: 12 YRS TERM: 61,084 SF

NNN RENT: Y1: $7.50 psf w/2% bumps NNN RENT: 5 YRS

FREE RENT: NONE FREE RENT: Y1: $6.00 PSF
TI/SF: Y2: $6.25 PSF
TI/SF: $10.50 PSF Y3: $6.50 PSF
Y4: $6.75 PSF
Y5: $7.00 PSF

NONE

$2.46 PSF

10 OTIS STREET, WESTBOROUGH 380 SOUTH WORCESTER STREET, NORTON

TENANT: FEDEX GROUND PACKAGING TENANT: SPIRIT LOGISTICS
SIZE: 73,710 SF
TERM: 2 YRS SIZE: 93,000 SF

NNN RENT: Y(s)1-2: $5.75 PSF TERM: 7 YRS 6 MOS Y6: $5.20 PSF
RENT: Y7: $5.33 PSF
FREE RENT: Y1: $4.60 PSF Y8: $5.47 PSF
Y2: $4.72 PSF
FREE RENT: NONE Y3: $4.83 PSF
Y4: $4.95 PSF
Y5: $5.08 PSF

6 MOS

TI/SF: AS-IS TI/SF: $3.00

66 SARATOGA BOULEVARD, DEVENS QUIET LOGISTICS 66 SARATOGA BOULEVARD, DEVENS NESTLE WATER NORTH AMERICA
275,392 SF 135,000 SF
TENANT: 5 YRS TENANT: 5 YRS
SIZE: SIZE:
TERM: TERM:

Y1: $5.50 PSF Y4: $5.75 PSF NNN RENT: Y1: $5.50 PSF Y4: $5.84 PSF
NNN RENT: Y2: $5.50 PSF Y5: $5.90 PSF Y2: $5.61 PSF Y5: $5.95 PSF
Y3: $5.72 PSF
Y3: $5.75 PSF

FREE RENT: RENEWAL FREE RENT: 2 MOS

TI/SF: AS-IS TI/SF: $2.00

25

LEASE COMPARABLES

DATE SIGNED START DATE ADDRESS TENANT TERM SF RENT SCHEDULE TI/SF COMMENTS
Scott Pharma 29,227 $3.42
11/16 12/16 120 Bartlett Street, Marlborough 8 yrs Year 1: $5.00 PSF NNN Year 5: $8.75 PSF NNN Tenant paying on 25,000 SF for first
3 mos 129,989 Year 2: $5.75 PSF NNN Year 6: $10.06 PSF NNN 5 yrs.
Year 3: $6.61 PSF NNN Year 7: $11.57 PSF NNN
8/16 12/16 326 Ballardvale Street, Wilmington Symbotic (renewal and 9 yrs 26,657 Year 4: $7.60 PSF NNN Year 8: $13.30 PSF NNN $5.00 on 4 mos free rent
expansion) 1 mo 112,804 41,854 SF
Mos 1-4: Free Yr 5: $6.63 NNN expansion
128,369 Mos 5-12: $5.75 NNN Yr 6: $6.77 NNN space
Yr 2: $6.25 NNN Yr 7: $6.90 NNN
5/16 7/16 220 O’Connell Way, East Taunton Sullivan Tire, Inc. 5 yrs Yr 3: $6.38 NNN Yr 8: $7.04 NNN Turnkey New lease signed
7 yrs Yr 4: $6.50 NNN Yr 9: $7.18 NNN $5.00 None
5/16 12/16 110 Commerce Way, Woburn Quadgraphics (renewal and
expansion) Years 1-5: $5.50 PSF NNN Yr 5: $9.57 NNN
Yr 6: $9.86 NNN
5/16 7/16 500 Innovation Drive, Tewksbury Philips (renewal) 5 yrs Yr 1: $8.50 NNN Yr 7: $10.16 NNN $1.00 (plus None
Yr 2: $8.76 NNN $150k Lease renewal
Yr 3: $9.02 NNN Yr 4: $7.00 NNN restroom
Yr 4: $9.29 NNN Yr 5: $7.17 NNN makeover)

Yr 1: $6.50 NNN $1.00
Yr 2: $6.66 NNN
Yr 3: $6.83 NNN

4/16 12/16 145 Plymouth Street, Mansfield Rexel 6 yrs 104,000 Year 1: $5.95 PSF NNN Year 4: $6.30 PSF NNN
Year 2: $6.06 PSF NNN Year 5: $6.43 PSF NNN
Year 3: $6.18 PSF NNN Year 6: $6.56 PSF NNN

3/16 6/16 16 Progress Road, Billerica Rikon Power Tools (renewal) 3 yrs 19,100 Yr 1: $5.25 NNN Mos 37-48: $8.35 NNN None None
11/15 62,800 Yr 2: $5.50 NNN Mos 49-60: $8.60 NNN
2/16 111 Locke Drive, Oyo Sportstoys, Inc. 5 yrs Yr 3: $5.75 NNN Mos 61-66: $8.85 NNN $30.00 Tenant received 5 months free rent
11/15 Marlborough 5 mos 40,332 on a 65 month lease
10/15 173,000 Mos 1-5: $0.00 NNN Mos 33 - 44: $7.25/rSF
8/15 12/15 9 Cornell Place, Wilmington Interstate Office Partitions 5 yrs 60,522 Mos 6-12: $7.60 NNN Mos 45 - 56: $7.50/rSF None None
8/15 (sublease) 8 mos 256,845 Mos 13-24: $7.85 NNN Mos 57 - 68: $7.75 NNN
6/16 45 Industrial Way, Wilmington Mos 25-36: $8.10 NNN $115.00 None
11/15 480 Sprague Street, Dedham FedEx 12 yrs Yr(s) 4: $6.84 NNN $250.00 No free rent
Amazon 5 yrs Mos 1 - 8: $6.50/rSF Yr(s) 5: $7.01 NNN
Mos 9 - 20: $6.75/rSF
1/16 600 North Bedford Street, Hart-Hanks Response 3 yrs Mos 21 - 32: $7.00/rSF As-Is 3 year renewal
East Bridgewater Management/ Boston, Inc.
$22.00 NNN average rent

Yr(s) 1: $6.35 NNN
Yr(s) 2: $6.51 NNN
Yr(s) 3: $6.67 NNN

Year 1: $4.20 NNN
Year 2: $4.20 NNN
Year 3: $4.20 NNN

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

LEASE COMPARABLES

DATE SIGNED START DATE ADDRESS TENANT TERM SF RENT SCHEDULE TI/SF COMMENTS
6,949 As-Is Renewal
8/15 10/15 165 Grove Street, Franklin Advanced Flooring Systems, 3 yrs, 30,000 Mos 1-12: $6.19 NNN
Inc. 2 mos 158,900 Mos 13-24: $6.37 NNN
Mos 35-38: $6.56 NNN
90,000
8/15 10/15 96 Audubon Road, Wakefield The Produce Connection 5 yrs $7.00 NNN with $0.25 annual escalations None 3 months free rent
Lagasse 4 yrs 98,000 $1.00 Four year renewal
7/15 9/15 33 Suffolk Road, Year 1: $5.00 NNN
Mansfield 57,963 Year 2: $5.20 NNN
Year 3: $5.40 NNN
86,600 Year 4: $5.60 NNN
20,854
7/15 11/15 Littleton Distribution Center, 1A Auto 7 yrs Yr 1: $5.50 NNN Yr 5: $6.07 NNN $2.50 3 months free rent
ASD Lighting 3 mos Yr 2: $5.64 NNN Yr 6: $6.22 NNN
Littleton Yr 3: $5.78 NNN Yr 7: $6.38 NNN
7 yrs Yr 4: $5.92 NNN
3 mos
7/15 11/15 625 University Avenue, Norwood Yr(s) 1: $3.15 NNN (on Yr(s) 4: $3.60 NNN As-Is 3 years free rent
60,000 SF) Yr(s) 5: $3.75 NNN
Yr(s) 2: $3.30 NNN (on Yr(s) 6: $3.90 NNN
70,000 SF) Yr(s) 7: $4.05 NNN
Yr(s) 3: $3.45 NNN

6/15 12/15 31 Suffolk Road, Mansfield Hanna Paper Recycling Inc. 7 yrs Year 1: $5.35 NNN Year 5: $6.01 NNN As-Is Tenant renewal
Year 2: $5.51 NNN Year 6: $6.19 NNN
Year 3: $5.67 NNN Year 7: $6.37 NNN
Year 4: $5.84 NNN

6/15 9/15 148 Ward Hill Avenue, Haverhill Cedar’s Mediterranean Foods 15 yrs $5.65 NNN with 1.5% annual escalations $3.00 4 months free rent
6/15 8/15 9 Forbes Road, Woburn None
Lytron 6 yrs Yr 1: $6.50 NNN Yrs 4-6: $7.50 NNN – Sealing
Yr 2: $7.00 NNN subject to increase in CPI floor and Tenant received 2 months free rent
Yr 3: $7.50 NNN Taxes and CAM: $3.50 adding
tailboard 2 months free rent
6/15 7/15 165 Grove Street, Residex LLC 5 yrs 27,731 Yr 1: $6.50 NNN Yr 4: $7.11 NNN
Franklin 2 mos Yr 2: $6.70 NNN Yr 5: $7.32 NNN LL
Yr 3: $6.90 NNN responsible
for new
5/15 7/15 40 Kenwood Circle, Franklin Rypos Inc. 5 yrs 24,200 Year 1: $6.25 NNN Year 4: $7.50 NNN ramp, paint
Universal Wilde 2 mos 120,434 Year 2: $6.50 NNN Year 5: $7.50 NNN & carpet.
60,200 Year 3: $7.25 NNN
7 yrs $2.00

5/15 12/15 675 Canton Street, Norwood Year 1: $5.25 NNN Year 5: $5.92 NNN $2.50 Tenant received no free rent
Year 2: $5.41 NNN Year 6: $6.05 NNN
Year 3: $5.57 NNN Year 7: $6.25 NNN
Year 4: $5.75 NNN

4/15 7/15 87 Concord Street, North Reading J&K Cabinetry 10 yrs $6.75 NNN with 2.5% annual escalations $3.50 None

27

LEASE COMPARABLES

DATE SIGNED START DATE ADDRESS TENANT TERM SF RENT SCHEDULE TI/SF COMMENTS
121,816 $1.64 4 months free rent
4/15 5/15 100-110 Fordham Road, Wilmington Red Thread Spaces, LLC 10 yrs Mos 1-4: Free 9/20-8/22: $5.73 NNN
8 mos 70,160 9/15-8/18: $5.25 NNN 9/22-12/25: $6.25 NNN None
5,601 9/18-8/20: $4.81 NNN
4/15 5/15 485 Wildwood Avenue, Woburn Tighe Warehousing and 2 yrs None Lease renewal
Yr 1: $7.25 NNN
Distribution (renewal) Yr 2: $7.25 NNN New five year lease

4/15 6/15 34 St. Martin Drive, Marlborough Motion Industries, Inc. 5 yrs Mos 1-62: $7.55 NNN $2.00 6 yr/6 mos sublease

2 mos None
None
3/15 4/15 60 Maple Street, Mansfield Clopay Building Products 5 yrs 18,000 Year 1: $5.25 NNN Year 4: $5.64 NNN $3.50
2 mos 96,126 Year 2: $5.38 NNN Year 5: $5.78 NNN As-Is 2 month free rent
Year 3: $5.51 NNN
90,000 $2.50 Tenant pays on 18,000 SF in months
2/15 3/15 111 Constitution Boulevard, Franklin Imperial Bag & Paper Co, LLC. 6 yrs 30,000 Mos 1-6: $0.00 Mos 37-48: $4.26 NNN None 7-18, 20,000 SF in months 19-30,
6 mos 113,366 Mos 6-12: $3.25 NNN Mos 49-60: $4.36 NNN None 22,000 SF in months 31-42. Months
Mos 13 -24: $3.75 NNN Mos 61-72: $4.46 NNN 1-6 free
24,400 Mos 25-36: $4.01 NNN Mos 73-78: $4.61 NNN $25.00 Lease renewal – tenant has been in
facility since 2001. Clear height is
3/15 6/15 200 Ward Hill Avenue, Haverhill Prospero 5 yrs 90,600 $5.00 NNN with 2.5 % annual escalations As-Is 24’-32’ (sloped)
84,376 $0.23 Tenant received 2 months free rent.
1/15 4/15 39 Tozer Road, Beverly Tobin & Sons Moving & 5 yrs 3,900 Yr 1: $5.50 NNN Yr 4: $5.75 NNN None 26’ clear height
Storage 11,100 Yr 2: $5.50 NNN Yr 5: $5.75 NNN As-Is
Yr 3: $5.75 NNN Short-term renewal
Tenant expansion
1/15 3/15 205 Wildwood Avenue, Woburn Electric Supply Center Corp 7 yrs Yr 1: $6.00 NNN (on Yr 4: $6.75 NNN
89,695 SF) Yr 5: $7.00 NNN Expansion and extension. 22’ clear
2 mos Yr 2: $6.25 NNN (on Yr 6: $7.00 NNN height
89,695 SF) Yr 7: $7.00 NNN
Yr 3: $6.50 NNN

1/15 4/15 135 Flanders Road, Westborough Cogentix Medical 10 yrs Mos 1-6: Free 43-54: $6.00/SF NNN
6 mos 7-18: $5.00/SF NNN $0.25 escalation thereafter
19-30: $5.50/SF NNN
31-42: $5.75/SF NNN

1/15 1/15 50 Scotland Boulevard, Bridgewater DePuy Synthes (Johnson & 3 yrs Year 1: $4.85 NNN
Johnson) Year 2: $5.00 NNN
Year 3: $5.15 NNN

12/14 2/15 17 Forge Park, Franklin Kellogg Company 5 yrs, Year 1: $5.75 NNN Year 4: $6.35 NNN
2 mos Year 2: $5.95 NNN Year 5: $6.55 NNN
Year 3: $6.15 NNN Year 6: $6.55 NNN

12/14 5/15 157 Grove Street, Franklin CTS 1 yr Year 1: $12.65 NNN

11/14 1/15 34 St. Martin Drive, Marlborough TierPoint 7 yrs $6.25 w/ $0.25 bumps annually
6 mos
11/14 1/15 27 Otis Street, Westborough Columbia Electrical 87,240 Year 1: $5.36 NNN Year 4: $5.80 NNN $2.30
Contractors 6 yrs Year 2: $5.49 NNN Year 5: $5.98 NNN
Year 3: $5.67 NNN Year 6: $6.12 NNN

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

LEASE COMPARABLES

DATE SIGNED START DATE ADDRESS TENANT TERM SF RENT SCHEDULE TI/SF COMMENTS
11/14 1/15 Corporate Communications 3 yrs 19,971 As-Is Replacement premises in tandem
27 Otis Street, Year 1: $5.75 NNN
Westborough Potpourri Group, Inc. 12 Yrs, 448,470 Year 2: $5.92 NNN with CT deal
6 mos Year 3: $6.10 NNN
11/14 1/15 Littleton Technology Park, 1 BTS 6 months free rent
Distribution Center Drive, Littleton $5.90 NNN Start, Bumps to $6.05 NNN at Year 5.5

29

SALE COMPARABLES

ONEBEEMANROAD,NORTHBOROUGH 1 DISTRIBUTION CENTER, LITTLETON 192 MANSFIELD STREET, NORTON

BUYER/ TBD / Stockbridge Real BUYER/ Novaya Real Estate BUYER/ Northbridge Partners / The
SELLER: Estate SELLER: Ventures / Condyne SELLER: Prescott Group

SIZE: 342,900 SIZE: 480,000 SIZE: 347,500

SALE PRICE/ $33.35 M / $97.26 SALE PRICE/ $41.25 M / $85.94 SALE PRICE/ $29.25 M / $84.17
PSF: PSF: PSF:

CAP RATE: 7.21% CAP RATE: 6.10% CAP RATE: 6.57%

SALE DATE Pending SALE DATE Q4 2016 SALE DATE Q4 2016

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

SALE COMPARABLES

275 JOHN HANCOCK ROAD, TAUNTON 150 DEPOT STREET, BELLINGHAM 3 DISTRIBUTION CENTER, LITTLETON

BUYER/ James Campbell Company BUYER/ Bentall Kennedy / BUYER/ GRAMERCY PROPERTY TRUST/
SELLER: / Exeter Property Group, SELLER: National DCP SELLER: Colony Capital
Abu Dhabi Investment
Authority & PSP

SIZE: 238,846 SF SIZE: 252,600 SF SIZE: 450,000 SF

SALE PRICE/ $24.6 M / $103.00 PSF SALE PRICE/ $25.5 M / $100.95 PSF SALE PRICE/ $39.75 M / $88.33 PSF
PSF: PSF: PSF:

CAP RATE: 5.84% CAP RATE: 6.41% CAP RATE: 6.82%

SALE DATE Q3 2016 SALE DATE Q3 2016 SALE DATE Q3 2016

31

SALE COMPARABLES

BAY STATE HIGH-BAY PORTFOLIO BOSTON BUSINESS PARK 80 STOCKWELL DRIVE, AVON
100 MEADOWS ROAD (BLDG 200), BOSTON

BUYER/ Stockbridge Capital Group/ BUYER/ Wallace Property Company BUYER/ Costas Provisions
SELLER: Colony Realty Partners SELLER: /MS Walker SELLER: Corporation /
Hilco Real Estate

SIZE: 305,819 SF SIZE: 200,000 SF SIZE: 241,454 SF
SALE PRICE/ $9.55 M / $39.55 PSF
SALE PRICE/ $30.8 M / $100.71 PSF SALE PRICE/ $10.25 M / $51.25 PSF PSF: USER SALE
PSF: PSF: CAP RATE:

CAP RATE: 6.24% CAP RATE: USER SALE

SALE DATE Q3 2016 SALE DATE Q3 2016 SALE DATE Q2 2016

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

SALE COMPARABLES

18 INDEPENDENCE DRIVE, DEVENS 11 FORBES ROAD, NORTHBOROUGH 975 UNIVERSITY AVENUE, NORWOOD

BUYER/ MACK Devens Development BUYER/ Capri EGM/Cornerstone BUYER/ Charles River Realty
SELLER: / CrossHarbor Capital SELLER: Real Estate SELLER: Investors & National
Partners Development / Martignetti
Companies

SIZE: 322,000 SF SIZE: 211,600 SF SIZE: 363,108 SF

SALE PRICE/ $28.30 M / $87.89 PSF SALE PRICE/ $20.875 M / $98.65 PSF SALE PRICE/ $32.17 M / $88.60 PSF
PSF: PSF: PSF:

CAP RATE: 6.05% CAP RATE: 6.43% CAP RATE: 6.50%

SALE DATE Q2 2016 SALE DATE Q2 2016 SALE DATE Q1 2016

33

SALE COMPARABLES

154 CAMPANELLI DRIVE, MIDDLEBOROUGH 675 CANTON STREET, NORWOOD 55 LYMAN STREET, NORTHBOROUGH 20 FREEDOM WAY, FRANKLIN

BUYER/ Novaya Real Estate BUYER/ Colony Realty/Prologis BUYER/ New York Life Insurance BUYER/ New York Life Insurance
SELLER: Ventures / AEW Capital SELLER: SELLER: Company / TA Realty SELLER: Company / TA Realty
Management

SIZE: 275,000 SF SIZE: 338,432 SF SIZE: 260,760 SIZE: 234,664

SALE PRICE/ $19.75 M / $71.82 PSF SALE PRICE/ $27.5 M / $81.26 PSF SALE PRICE/ $26.835 M / $102.91 SALE PRICE/ $23.7 M / $101.00
PSF: PSF: PSF: PSF:

CAP RATE: 6.75% CAP RATE: 6.53% CAP RATE: 6.13% CAP RATE: 6.09%

SALE DATE Q1 2016 SALE DATE Q4 2015 SALE DATE Q3 2014 SALE DATE Q3 2014

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

SALE COMPARABLES

ADDRESS BUYER/SELLER SALE SF SALE PRICE % OCC. CLEAR HEIGHT COMMENTS
350 Hopping Brook Road, Holliston Q3 2016 106,250
Atlantic Importing Company/ Atlantic 119,000 $7.2 M 0% 30’ Vacant at time of sale
301 Page Street, Stoughton Management Corporation Q1 2016 162,000 $67.76
203,840 100% 24’ Fully leased to Boston Interiors at time of sale
Calare Properties / Boston Interiors 140,000 $8M
400,000 $67.23 PSF
36 Saratoga Boulevard, Devens Cabot Properties / Q2 2016 100% 25’0’’-33’0’’ Fully leased to New England Sheets with 5 years of
J.G. Petrucci Company Q2 2016 $9.5M 100% 18’0’’ remaining lease term
34 St. Martin Drive, Marlborough Q1 2016 $58.64 PSF --
Lincoln Property Company / Q1 2016 100% leased to 9 tenants at time of sale. Anchor
25 Computer Drive, Haverhill Deutsche Asset & Wealth Management $19.5M tenants include Tierpoint and Lightower
$95.66 PSF
Boston Distribution Center - Brooks Brothers / User Sale (occupant)
500 Commander Shea Boulevard, Quincy Paradigm Properties $13.6M
$97.14 PSF 100% - Boston Scientific will lease back the complex’s
FedEx Corporation 0% 19’6”-20’6” smaller facility from FedEx while it renovates the
Boston Scientific $31.0 M adjoining 600,000 SF warehouse which they
$77.50 PSF retained ownership on. By 2018, the complex will
be a global distribution headquarters for Boston
40 Bearfoot Road, Northborough Amerco Real Estate Company / Q4 2015 63,840 $2.45M Scientific and a FedEx Ground distribution center for
71 Stevens Street, Taunton Campanelli Companies Q4 2015 36,000 $38.38 PSF package delivery service
50 & 60 O’Connell Way, Taunton 197,837
Mashpee Wampanoag Indian Tribe $4.7M Vacant at time of sale
290 Forbes Boulevard- Cabot Business $130.56 PSF
Park , Mansfield 0% 18’0”-20’0” Vacant at time of sale. Redevelopment planned for
630 & 686 Forest Street, Marlborough $19.2475M resort/casino
$97.29 PSF
Mashpee Wampanoag Indian Tribe / The Q4 2015 0% 18’0” Vacant at time of sale. Redevelopment planned for
Maggiore Companies resort/casino

290 Forbes Development Trust/ Q4 2015 83,752 $3.7M 0% 25’0-37’0” Vacant at time of sale , user sale
Prudential Real Estate Investors and Q4 2015 $44.18 PSF
Spaulding & Slye Investments
50,105 $4.7M 100% 12’0” Verizon currently leases the building (630 Forest
Metro National Development/ Boston $93.80 PSF Street) and the 8.35 AC land parcel (686 Forest
Realty Investments Group Street)

35

SALE COMPARABLES

ADDRESS BUYER/SELLER SALE SF SALE PRICE % OCC. CLEAR HEIGHT COMMENTS
326 Ballardvale Street (Bldgs. I-III), 294,000
Wilmington Novaya Real Estate Ventures/Deutsche Q3 2015 84,650 $24.5 M 100% 22’-30’ 8.26% cap rate
139 Campanelli Drive, Middleborough Asset & Wealth Management 108,000 $83.33 PSF
80,100
19 Leona Drive, Middleborough Calare Properties & Artemis / Campanelli Q3 2015 62,938 $6.035M 100% 26’0” Fully leased to Stop & Shop for 7 years. 6.48% cap
Companies 390,486 $71.29 PSF 100% 24’0” – 28’0” rate
16 Leona Drive, Middleborough 97,146 100% 21’0”
Calare Properties & Artemis / Campanelli Q3 2015 $9.040M 66% 10’0”-16’0” Fully leased to Sager Electronics for 6 years. 6.87%
101 Constitution Boulevard, Franklin Companies $83.70 PSF cap rate

385 Myles Standish Boulevard & 431 Calare Properties & Artemis / Campanelli Q3 2015 $10.3M Fully leased to IDEX Health & Sciences for 4.5 years.
Washington Street, Taunton/Franklin Companies $128.59 PSF 7.36% cap rate
20 Liberty Way, Franklin
Chestnut Realty Management / Liberty Q1 2015 $5.5 M 66% leased at time of sale. 8.10% cap rate
12 Forge Park, Franklin Property Trust. $87.39 PSF

47 Maple Street, Mansfield GFI Partners / CalSTRS & CBRE Global Q1 2015 $26.25M 100% 35’0” Fully leased to Verizon (Myles Standish) and Marsh
Investors $67.22 PSF 100% 24’0” USA (Washington). 8.30% cap rate
25 & 45 South Street, Hopkinton
Stannah Stairlifts / Liberty Property Trust Q1 2015 $6.281M 35% 28’0” 100% leased to Stannah, Agrium Advanced
355 Maple Street, Bellingham $64.66 PSF 0% 12’0”-26’0” Technologies, Eastern Mass Movers & Midstate
Molding. 7.50% cap rate
TA Associates Realty / CBRE Global Q1 2015 236,331 $15.0 M
Investors 166,400 $63.47 PSF 35% leased to Kuehne + Nagel through December
119,292 2016. The building is 97% warehouse and 3% office
Future Foam / Rock-Tenn Shared Services Q1 2015 249,972 $3.0 M
$18.03 PSF Vacant at time of sale; user sale

Fort Point Management / Parsons Q1 2015 $11.0 M 100% 16’0” 100% leased at time of sale
Commercial Group. Q1 2015 $92.21 PSF
100% 30’ Fully leased to Victory Packaging for 15 years --
Clarion Partners/ SeefriedProperties $25.75 M
$103.00 PSF

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

MARKET AERIAL
TOUR
&
ACTIVITY

37

DEVENS

45 INDEPENDENCE DRIVE DEVENS
RECYCLING
CENTER

15 INDEPENDENCE DRIVE

51 INDEPENDENCE DRIVE

18 INDEPENDENCE DRIVE

50 INDEPENDENCE DRIVE

66 SARATOGA BLVD 112 BARNUM ROAD
235 BARNUM ROAD
133 BARNUM ROAD TIGHE
36 SARATOGA BLVD WAREHOUSING &
45 SARATOGA BLVD DISTRIBUTION

139 BARNUM ROAD

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

WESTBOROUGH | ROUTE 9 / 1-90

WESTBOROUGH WESTBOROUGH TECH PARK 325 TURNPIKE
8 TECHNOLOGY DRIVE
SOUTHBOROUGH

WESTBOROUGH BUSINESS PARK WESTBOROUGH OFFICE PARK 9 CRYSTAL POND ROAD
21 COSLIN DRIVE
600 FRIBERG PARKWAY
150 FLANDERS ROAD 195 FLANDERS ROAD
201 FLANDERS ROAD
155 FLANDERS ROAD 205 FLANDERS ROAD

14 WALK UP 165 FLANDERS ROAD

EXIT 11A HOPKINTON

39

WESTBOROUGH | OTIS STREET

98 SASSACUS 1-5 SASSACUS
27 OTIS STREET

55 OTIS STREET 27 OTIS STREET
OTIS STREET 10 OTIS STREET

WORCESTER TURNPIKE 53 OTIS STREET 35-49 OTIS STREET

50 OTIS STREET SMITH PARKWAY

125 FISHER STREET

T

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

NORTHBOROUGH | I-290

NORTHBOROUGH 11 FORBES ROAD

450 WHITNEY STREET 290
435 WHITNEY STREET
MARLBOROUGH
444 WHITNEY STREET I-290 INDUSTRIAL PARK
10 FORBES ROAD 41

20 FORBES ROAD EXIT 25
30 FORBES ROAD
40 BEAR FOOT ROAD

50 BEAR FOOT ROAD 10 BEAR FOOT ROAD
70 BEAR FOOT ROAD 30 BEAR FOOT ROAD

175 BEAR FOOT ROAD 55 BEAR FOOT ROAD

NORTHBOROUGH | CROSSROADS

EXIT 24 200 FOREST STREET

THE APEX Q3 2017 DELIVERY

20 OREST STREETF 100 PURITAN WAY EXIT 23C155 NORTHBORO ROAD
CAMPUS @ MARLBOROUGH 261 CCEEDDAARRHIHLILLRLOSATDREET INTERSTATE
455 FOREST STREET 458 FOREST STREET 495
HAYES MEMORIAL DRIVE 34 ST. MARTIN DRIVE

138 BARTLETT STREET 1 D’ANGELO DRIVE

300 BARTLETT STREET BARTLETT STREET CROSSROADS INDUSTRIAL PARK
210 BARTLETT STREET @ 495 CENTER

41 LYMAN STREET 1 BEEMAN ROAD 5 BEEMAN ROAD

55 LYMAN STREET

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

FRANKLIN INDUSTRIAL PARK

50 CONSTITUTION BULVPDPE2R0UDNIISOCNOVSETRRYEEWTAY ALPHA 140 CONSTITUTION BLVD
EXIT 16 GRAINGER

130 CONSTITUTION BLVD

DAY CARE 135 CONSTITUTION BLVD

KING STREET
Y

UTION BOULE
55 CONSTITUTION BLVD 10 DISCOVERY WAY VARD CONSFTRIETEUDTOIOMNWBALVYD
77 CONSTITUTION BLVD
125
101 CONSTITUTION BLVD
15 LIBERTY WAY LIBERTY WA CONSTIT 20 FREEDOM WAY
115 CONSTITUTION BLVD
20 LIBERTY WAY
15 FREEDOM WAY BARRETT
DISTRIBUTION

10 LIBERTY WAY 111 CONSTITUTION BLVD
109 CONSTITUTION BLVD

43

FRANKLIN / FORGE PARK

SOUTH FRANKLIN INDUSTRIAL PARK
EXIT 16
157-165 GROVE STREET
WASHINGTON S1TR76EEGTROVE STREET

17KFEONRWGEOPOADRKCWIRAYCLE 19 NATIONAL DRIVE
22 NATIONAL DRIVE
15 FORGE PARKWAY
24 NATIONAL DRIVE
16 FORGE PARKWAY GROVE STREET 35 FORGE PARKWAY

F12 FORGE PARKWAY 32 FORGE PARKWAY

1 OLD FORGE HILL ROAD 10 FORGE PARKWAY MAPLE STREETORGE PARKWAY20 FORGE PARKWAY38 FORGE PARKWAY
FRANKLIN VILLAGE WEST CENTRAL STREET
SHOPPING CENTER

EXIT 17 8 FORGE PARKWAY

FORGE PARK
MBTA STATION

5 FORGE PARKWAY

27 FORGE PARKWAY

119 WEST CENTRAL STREET

NORTH

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

MANSFIELD BUSINESS PARK

Exit 11 (495)
Exit 12 (495)

440 FORBES BLVD

101 NORFOLK STREET 140 31 PLYMOUTH BARRETT
245 OAKLAND STREET DISTRIBUTION

305 FORBES BLVD 145 PLYMOUTH STREET

11 CABOT BOULEVARD FORBES BOULEVARD 560 WEST STREET
55 CABOT BOULEVARD WEST STREET
C ABOT 575 WEST STREET

CHAUNCY S BOULEVARD

TREET HAMPSHIRE STREET 5 HAMPSHIRE STREET

31 HAMPSHIRE STREET Exit 6 (95)
Exit 13 (495)

45

NORTON / TAUNTON

176 S. WASHINGTON STREET EXIT 9 150 CHARLES COLTON ROAD
202 S. WASHINGTON STREET
620 MYLES STANDISH BLVD
45 COMMERCE WAY 575 MYLES STANDISH BLVD
155 MYLES STANDISH BLVD
305 MYLES STANDISH BLVD

NORTON 300 CONSTITUTION DRIVE
305 JOHN HANCOCK ROAD

255 JOHN HANCOCK ROAD 530 JOHN HANCOCK ROAD EXEL
LOGISTICS
TAUNTON

275 JOHN HANCOCK ROAD

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

ROUTE 24 STOUGHTON / AVON

RANDOLPH HOLBROOK

CANTON EXIT 20 1000 TECHNOLOGY DRIVE
10 CAMPANELLI CIRCLE
24
AVON 57 LITTLEFIELD STREET
55 MURPHY DRIVE

30 BODWELL STREET

STOUGHTON 1 IKEA WAY
80 STOCKWELL DRIVE

EXIT 19

47

ROUTE 24 AVON / BROCKTON

AVON

525 CAMPANELLI WAY

EXIT 18 BROCKTON

STOUGHTON 24 985 BELMONT STREET

EXIT 17

96 BELMONT COURT

NORTH EASTON 225 LIBERTY STREET

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

ACTIVE TENANTS
IN THE MARKET

TENANTS IN THE MARKET

COMPANY TARGET MARKET SF REQUIRED PRODUCT TYPE COMMENTS
Amazon South/West Warehouse
JofranFurniture West/South 500,000 Warehouse Acquired 78 acres for $3.9M to accommodate a 1 MSF BTS distribution
Abbott-Action, Inc. –800,000 Industrial facility. This is a separate requirement.

Undisclosed 350,000 Currently located at 1 JofranWay, Norfolk. Timing is Q3/Q4 2017.
Confidential / Unidentified
Spencer Technologies South 250,000-300,000 Headquarters is in Canton. Consolidation of multiple locations. Timing is
New England Ice Cream fluid.
Gelesis West 250,000-300,000 Industrial
Unidentified Sports and Recreation West/South 250,000 Warehouse Timing is 12-18 months. 50,000 SF of office with the balance serving as
User (AAU Basketball) West 150,000 Warehouse & Office manufacturing.
Charles River Apparel South 65,000--100,000 Industrial/Manufacturing
West 120,000 Distribution/ Warehouse Preliminary, yet to tour the market.
HilcoVision
West 115,000 Recreational Sports Facility Currently at 102 Otis Street, Northborough. Timing is March 2017, subject to
Taylor Farms South sale of building.
West 120,000 Office/ Distribution
Shaw Carpet –150,000 Office/ Manufacturing/ New construction with Campanelliin Norton.
Warehouse
Fabcon 100,000-150,000 Current HQ in Boston, manufacturing is in Italy. 3,000 SF of office, up to
120,000 SF of industrial. Focused on RI due to incentives.
NP Medical/ Nypro
Unicom Engineering Tenant is looking at land sites in the 495 West market to build a 115,000 sf
William B. Meyer facility. Timing is ASAP.

Automation Solutions Currently at 1205 General Edwards Highway, Sharon. Timing is summer
2017. Would want 15-20,000 SF of office.
The YanowCompanies
Currently located at 33 West Bacon Street, Plainville, MA. Timing is Q3 2017,
QinetiQ North America some flexibility.

South 100,000-150,000 Warehouse Looking to relocate HQ in 495 South market. Deal is on hold.

South 100,000 Manufacturing/Warehouse Currently located at 275 John Hancock Road. LED of May 2017; They have
not yet toured the market.
West/South 100,000 Warehouse/ Distribution
Current locations are in MN, OH, PA & KS. Serving the Northeast out of PA
West 80,000-100,000 Manufacturing/Life Sciences today. Need 30-40 acres for a BTS lease of 100,000 SF. 10-15 acres for storage
South 80,000 Warehouse/ Manufacturing of product. Focused in Western, MA.
West 80,000 Industrial/ Warehouse
South 50,000 -80,000 Manufacturing Any deal needs to be approved by Jabil; this will leak into 2017, or it might
South 80,000 Office, R&D, Distribution go away entirely.
South 70,000-80,000 Manufacturing/Warehouse
Currently at 25 Dan Rd., Canton. Focusing on properties they can purchase.

Looking at land sites for 80,000 SF transportation facility. Timing is Q4.
Leasing in the short term while facility is built.

Tenant is looking to consolidate Franklin and Hingham locations. Timing is
Q2 2017, need 150 parking spaces.

Currently at 220 East Ashland Street, Brockton. Timing is fluid, they own
current building. Looking to purchase vs. lease.

Currently at 329 2ndAve., Waltham. Timing is Q3 2017. Deal moving slowly
as tenant is focused on big picture market evaluation.

Q4 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT