TW_Industrial Book_Q3_2016_TJX

q3 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 GREATER BOSTON
WAREHOUSE
GREATER BOSTON WAREHOUSE MARKET MARKET

The market has benefited from robust conditions in the Greater Boston economy, a correlated 4.2
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
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
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.

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.

Q3 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 10.1%. 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 (12.1% in Q3 2015 to 10.1% in Q3 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 Q3 2016 of 9.6%, which has plummeted since the third quarter of 2011, during which vacancy
stands at -17,000 SF after two up and down quarters to start the year. Mirroring a trend seen was 22.2%. Accounting for just 34% of inventory, the inventory of space with at least
elsewhere in the market, tenant demand patterns first favored the most modern structures 28 foot clear ceiling height has come under particularly demand in recent periods, with
built in accordance with contemporary desires for ceiling height, loading capabilities and vacancy levels at an unprecedented and astonishing 0.0% for five consecutive quarters.
other characteristics, with the “rising tide lifts all boats” concept playing out as second The recent vacancy of 327,000 SF at 12 Industrial Road in Milford marks the only 28’
tier property absorption followed suit as high bay vacancy plummeted. Properties with clear availability in the submarket. Of particular note, Amazon has leased approximately
at least 28 foot ceilings have attracted steady demand of over the last three years, having 163,000 SF of this asset so the high bay leasing of 9.0% for Q3 2016 represents the one
seen high-bay vacancy fall from 13.6% in Q3 2015 to 6.0% in Q3 2016, and an even lower block of space in this submarket in the high bay sector. Given sustained demand and
3.0% when taking it as a percentage of the total submarket inventory. As a result of tenants’ almost non-existent new supply market-wide, vacancy is expected to continue to remain
aggressive absorption of this space, the market has experienced its first speculative “very low” over the near term, with tenants’ most preferred space non-existent and a
development project with the ground-breaking of 150 Charles Colton Road, Taunton, which construction pipeline empty, providing tenants only BTS alternatives for the next several
is a 200,000 SF 30’ clear project with a targeted completion date of January 1, 2017. In quarters. We anticipate the vacancy to decrease in the coming quarters with several
addition, Conroy Development has broken ground on a 91,200 SF speculative warehouse pending transactions on low-bay product (less than 28’ clear) including DHL and FedEx in
building at 600 West Street in Cabot Park, Mansfield. Adding to the supply availability, Westborough representing 134,000 SF in two leases in 22’ clear assets.
800 John Quincy Adams Road in 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 of
10.1%, down from 20.0% in the third quarter of 2013. The region has experienced positive
absorption in nine of the last twelve quarters, which equates to positive absorption,
totaling 942,000 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
400,000 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 8.2%. The absorption in Q3 2016 was 65,000 SF. Rental rates
showed a slight decrease over the quarter to $6.09, 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 10.5%, which is a new low. 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.

Q3 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 supply. outperformed the overall I-495 West submarket due it its superior access, quality of real estate
The I-93 North micromarket consists of portions of the I-495 North and Route 128 North and barriers to entry for new supply. As of the third quarter of 2016, the I-495 West warehouse
submarkets and contains 9.1 MSF of space that stretches along I-93 from Methuen to submarket has a vacancy rate of 9.6% and average rents of $6.19/SF. The Boroughs warehouse
Woburn and has absorbed 98,000 SF in the past twelve months. Vacancy is currently 4.9%, micromarket, for comparison, has vacancy rates and average rents of 4.9% and $6.52/SF,
while the micromarket’s 2.5 MSF of high-bay space is at a record low vacancy of 0.0%. respectively. Extreme supply constraints and lack of space have lowered velocity from a statistical
With over 70% of the market consisting of low bay product, and the overall micromarket standpoint. The high bay vacancy rate in the submarket is 9.0 %, representing 1 available block
vacancy at an all-time low of 4.9%, the market could face the prospect of losing companies of space of 162,000 SF at 12 Industrial Road in Milford. The recent commitment of approximately
to surrounding submarkets, given the lack of supply. This trend has begun with the recent 163,000 SF by Amazon at this property has lowered this vacancy significantly in Q3 2016. The
relocation of Colonial Systems to Littleton. market is experiencing healthy rental rate increases on pending and recently signed leases,
which will lower vacancy into the single digits in the coming quarters.
The strength of the I-93 North micromarket is best exemplified by its long list of corporate,
credit-quality tenants such as FedEx, Market Basket, Shaw’s Supermarkets, Hewlett-Packard, The strength of the Boroughs warehouse submarket is best exemplified by its long list of corporate,
National Grid, Restaurant Depot, Shire, Waste Management and New England Coffee Company. credit-quality tenants such as EMC Corporation/Dell, Genzyme, Hologic, Ken’s Foods, ColumbiaTech,
Rand Whitney, Maines, McKesson, Cumberland Farms, FedEx, Barret Distribution, Iron Mountain and
STRENGTH OF THE BELLINGHAM/FRANKLIN National Grid.
WAREHOUSE MICROMARKET
STRENGTH OF THE DEVENS/LITTLETON WAREHOUSE
With a centralized location equidistant from the intersections between I-90/I-495 to MICROMARKET
the north and I-495/I-95 to the south, Franklin/Bellingham (4.0 MSF) has consistently
outperformed the overall I-495 West and South submarkets due to its superior access The Devens/Littleton micromarket is located at the Route 2/I-495 Interchange and mainly
and quality of real estate. As of the second quarter of 2016, the I-495 South warehouse consists of the Devens Industrial Park and the Littleton Distribution Center. The warehouse
submarket demonstrated a vacancy rate of 10.1% and average asking rents of $5.85/SF. The market consists of 2.4 MSF and is currently 14.6% vacant (recent large block from St.
Franklin/Bellingham warehouse micromarket has consistently experienced far healthier Gobain increased vacancy) and there was 14,000 SF of negative absorption in the quarter.
vacancy rates and average rents. There are a few large blocks of space remaining that make This micromarket has the newest inventory of all micromarkets with the average of the
up a majority of the current availability. The micromarket has experienced no change in product 20.5 years old. As a result the newer product tends to be functionally superior
vacancy in the current quarter with vacancy at 9.5%. Average asking rental rates in Franklin/ when compared to older, second generation product located throughout the more mature
Bellingham have remained stable at $6.28/SF. micromarkets (including a few buildings from the late 70’s/early 80’s). The Devens/Littleton
micromarket’s warehouse absorption over the last twelve months is flat at 50,000 SF. In
The strength of Franklin/Bellingham as a standalone submarket is best exemplified by addition, one of the largest suburban BTS projects has been completed in Littleton with
its long list of corporate, credit-quality tenants such as EMC Corporation/Dell, Best Buy, Potpourri completing 450,000 SF at the Littleton Distribution Center. With current activity,
Williams Sonoma, Cold Chain Technologies, Lindenmeyer Monroe, Garelick Farms/Suiza it is expected that vacancy will decrease in the coming quarters.
Food, Keebler Foods, Kuehne & Nagel, Roper Industries, Owens & Minor, General Cable,
Entegris, Clark Cutler McDermott, Iron Mountain, Thermo Fisher, Sleepy’s, Tegra Medical, The micromarket has several high-profile owner/users and a strong stable of tenants
VWR Scientific, Imperial Bag, Crown Equipment, Dunkin’ Donuts DCP and Ferguson. including Bristol-Myers Squibb, SMC, NYPRO/Jabil, American Superconductor, Verizon,
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 6.8 MSF of warehouse space (7,100,000 SF of industrial space) and is currently 3.8% vacant in many years as the neighboring I-495 submarkets continue to tighten and new pressure on
as of Q3 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 2.6% vacant; and, Myles Standish Industrial Park, approx. 655 acres, 5.6 and buildings.
MSF and 8.4% 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. There have been two BTS projects completed recently totaling the end user/last mile in the Greater Boston Area. The two most high profile examples of this
over 450,000 SF along with another recently started 1 MSF project in this micromarket. In trend are: Amazon’s first sorting center located at 1000 Technology Center Drive, Stoughton;
addition, Amazon has completed a second Massachusetts facility totaling 1 MSF to be built and, FedEx announced a redevelopment of the Boston Scientific facility at 500 Commander
in Fall River. With the recent groundbreaking at 150 Charles Colton Road, we have now seen Shea Boulevard in Quincy. In addition, the recent purchase of 200 Meadow Road in Hyde
the first speculative construction commence with this 200,000 SF Class A asset. The addition Park by a JV that includes two users totaling 200,000 SF is further pressure in an already
of 150 Charles Colton Road, 800 John Quincy Adams Road in Taunton and 600 West Street in supply constrained market.
Mansfield to the supply will likely raise vacancy in the coming quarters.
The 15.64 MSF market has experienced positive absorption in seven of the last eight quarters
The superior performance of well-located master planned industrial parks through all cycles is totaling 2.02 MSF with 179,000 SF coming in Q3 2016. The submarket has experienced
buoyed by the impressive tenant roster found within the micromarket. These tenants include 1.245 MSF of positive absorption in the last twelve months lowering the vacancy rate from
Toyota, Medtronic, Graybar, Tyco, Jordan’s Furniture, General Dynamics, Lagasse, Inc., PetCo, 15.4% to the current Q3 2016 vacancy rate of 6.6%. Vacancy is 2.0% in the Central Areas
Shaw, Agar, Medline, Dealer Tire, Summit Tire and Rolf Hagen to name a few. 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.

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 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.

Q3 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

This building was previously subleased to two tenants, Victory Packaging and IKON. The building is now vacant, however, 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 broken ground on a 200,000 SF, 30’ clear speculative warehouse building. This will be the first
speculative building constructed in over ten years and the “best in market” building will be completed in January 2017.

• 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
Q3 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
Q3 2017 DELIVERY Q1 2017 DELIVERY

11

OVERALL MARKET TRENDS Q3 2016

WAREHOUSE MARKET HAS ANOTHER RECORD-SETTING QUARTER TOTAL WAREHOUSE MARKET
ABSORPTION SINCE 2011:
• The warehouse market showed no signs of slowing down. The third quarter of 2016 saw
302,000 SF of positive absorption drop the Greater Boston warehouse market’s vacancy to 7 MSF since 2011
its lowest recorded rate of 8.7%. Rental rates hover around $6.00 PSF, with a current average (12.3% of total inventory)
asking rate of $5.98 PSF. The highest rents are achieved in the Central Areas submarkets,
which has an average rate of $6.74 PSF. TENANT FOCUS

• Warehouse space along Route 128 has seen positive absorption for nine straight quarters, Amazon moved into 164,000 SF at 12 Industrial Road in
totaling 2.1 MSF during that period. Milford adding to its existing footprint in Greater Boston,
which includes:
• Of the 3 MSF inventory in the Central Areas, only 60,000 SF remains vacant (2%).
• 1 MSF in Fall River • 26,700 SF in Boston
• 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 • 332,000 SF in Stoughton • 96,600 SF in Everett
has enjoyed single digit vacancy for six straight years.
• 60,552 SF in Dedham TOTAL FOOTPRINT = 1,679,852 SF

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.

Q3 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 128 NORTH
Littleton Carlisle
Beverly
Billerica Wilmington 13.4 14.4Peabody

Reading Lynnfield MSF MSF 6.9%

Q1 2016 SUPPLY Q4 2001 SUPPLY REDUCTION SINCE
Q4 2001
Harvard Bedford Burlington Wakefield Salem
Concord Marblehead 57.6%
Boxborough Acton Saugus
Swampscott REDUCTION SINCE
Woburn Stoneham Lynn Q4 2001

Winchester Melrose 8.8%

Bolton Lexington Malden Nahant REDUCTION SINCE
Everett Q4 2001
Stow Maynard Lincoln Arlington Medford
Weston
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
Q1 2016 SUPPLY Q4 2001 SUPPLY Q4 2001 Weymouth 4.5 MSF 10.6 MSF
Wellesley Q1 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

28.8% 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
33.3 MSF
Q1 2016 SUPPLY Wrentham Q1 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

Q3 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
Q3 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
Q3 2016 SUPPLY
Sudbury

495 WEST Marlborough Wayland 14.7%

5.4 MSF 6.1 MSF Newton Brookline INCREASE SINCE
Weymouth Q4 2001

11.5%Northborough Framingham Boston

Southborough Wellesley
Needham
Q3 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,

Q3 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 14.7% 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: 4.3%
Watertown
Wayland Weston
Boston
Absorption: 19,000 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 13.9%
Milford 27,000 SF
Holliston Medfield Braintree 86,000 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

Q3 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—22.730 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: 7.7%
Marlborough
Berlin Sudbury Waltham Winthrop 44% Total Availability: 24.8%
Watertown
Wayland Weston
Boston

Newton Brookline 55% Absorption: 133,000 SF
Weymouth
Northborough Framingham LTM Absorption: 1,123,000 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: 8.2%
Hopkinton Hingham LTM Absorption: 10.5%
Milford 65,000 SF
Holliston Medfield 112,000 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—30.742 MSF
Reading

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

Winchester Melrose 495 SOUTH

Bolton Lexington Malden Nahant
Everett
Stow Maynard Lincoln Arlington Medford 25% Market Size: 17,808,000 SF
17%
Revere

Hudson Belmont CambSroidmgeerville Chelsea Total Vacancy: 10.1%
Marlborough
Berlin Sudbury Waltham Winthrop Total Availability: 20.5%
Watertown
Wayland Weston
Boston
58%
Newton Brookline Absorption: (17,000) SF
Weymouth
Northborough Framingham LTM Absorption: 66,000 SF

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: 10.1%
Hopkinton Hingham LTM Absorption: 16.9%
Milford (86,000) SF
Holliston Medfield 126,000 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: 5,374,000 SF

Wrentham

Easton West East Total Vacancy: 9.6%
Bridgewater Bridgewater
Total Availability: 15.8%
Plainville Mansfield

North Absorption: 162,000 SF
Attleboroough LTM Absorption: 29,000 SF
Norton Bridgewater
Attleboro Raynham
Taunton

Q3 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

MARKET SNAPSHOTMarket Overview | 495 WAREHOUSE

Contiguous Availabilities

128 & CENTRAL AREAS WAREHOUSE CONTIGUOUS BLOCKS ANALYSIS Metro  South  WAREHOUSE*
Q3 2016
Number of choices
20 1 9
18 1 7

16
128 WThAeRseEcHhaOrtUs hSigEhlight how tight the market has become when looking for space 100,000 SF and greater. There is now 14
Availabilitiesan extreme shortage of availability in the 250,000-400,000 SF range which will continue to put upward pressure on 12
rents. There are no blocks of space greater than 250,000 SF available in 128 North or West and only 3 spaces greater 10 8
than 250,000 SF in 128 South. 5
8 2
6 111
4
2
Market Overview | 495 WARE0HOUSE

Contiguous Availabilities20 to 50k 50 to 100k 100 to 150k 150 to 200k 200 to 250k 250 to 300k 300 to 400k 400k +

128  &  Central  Areas  WAREHOUSE Block size (sf in thousands)

Number of choices Contiguous availabilities in given size ran12g8e , Ndoisrttihn  cWt ApRroEpHerOtiUesSE
30 2 7 495 Total Market Number of choices

25 98
21 8

20 7

15 6

9 54
10 4

6 3
53
2 111
111
0 1 00 0
400k +
20 to 50k 50 to 100k 100 to 150k 150 to 200k 200 to 250k 250 to 300k 300 to 400k 400k + Market Overview | 495 WAREHOUSE
Contiguous Availabilities0
Block size (sf in thousands) 20 to 50k 50 to 100k 100 to 150k 150 to 200k 200 to 250k 250 to 300k 300 to 400k

*Metro South is defined by the combination of 128 South & Central Areas submarkets. Block size (sf in thousands)

us availabilities in given size range, distinct properties Contiguous availabilities in given size ra1n2g8e , Wdiesstitn  WctApRroEpHeOrtUieSsE
495 Total Market Number of choices

1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1 0 0 0 0 0 0 0 0

0
20 to 50k 50 to 100k 100 to 150k 150 to 200k 200 to 250k 250 to 300k 300 to 400k 400k +

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
Q3 2016 12 1 1

These charts highlight how tight the market has become when looking for space 100,000 SF and greater. 10

8
6

6

view | 4Th9e5reWis AnoRwEaHnOexUtreSmEe shortage of availability in the 200,000 SF-400,000 SF range, particularly in the 495 4

22

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

0000

big blocks of space currently available, three are either shadow spaces or are located in secondary/MtaerrkteitaOrvyerview | 495 0 50 to 100k 100 to 150k 150 to 200k 200 to 250k 250 to 300k 300 to 400k 400k +

WAREHO2U0 tSoE50k

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
8
Number of choices
7
45 7
39
6
40 6

5

4

35 3 0
30 2 8 2 400k +

25 2
1

1
000

Market Overview | 495 WAR0EHO20UtoS5E0k 50 to 100k 100 to 150k 150 to 200k 200 to 250k 250 to 300k 300 to 400k

Contiguous AvailabiBlloictk isiezes(sf in thousands)

20 Contiguous availabilities in given size range, distinct properties
14 I-­495  South  WAREHOUSE
495 West
15 1 2
Number of choices
25

21

10 7 20
16

43 15
1
5 10
10 9
0
20 to 50k 50 to 100k 100 to 150k 150 to 200k 200 to 250k 250 to 300k 300 to 400k 400k + 7

4
53

1

Block size (sf in thousands) 0
20 to 50k 50 to 100k 100 to 150k 150 to 200k 200 to 250k 250 to 300k 300 to 400k 400k +

Block size (sf in thousands)

Q3 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. Vrackanecty in 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 I-495 West* I-495 South

I-495 North LOW HIGH

LOW HIGH LOW HIGH 43.5%
33.5%
41.3%

3.3 MSF 1.8 MSF 7.8 MSF 28+ Ceiling
1.3% 3.0% 4.1% Inventory by Submarket

Vacancy %

As a % of total submarket inventory

28' clear + space as a percent of inventory, by submarket All submarkets dominated by obsolete warehouse space

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

Q3 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

Q3 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 FEDEX GROUND PACKAGING
73,710 SF
TENANT: 2 YRS
SIZE:
TERM:

NNN RENT: Y(s)1-2: $5.75 PSF

FREE RENT: NONE

TI/SF: AS-IS

25

LEASE COMPARABLES

DATE SIGNED START DATE ADDRESS TENANT TERM SF RENT SCHEDULE TI/SF COMMENTS
129,989 4 mos free rent
8/16 12/16 326 Ballardvale Street, Wilmington Symbotic (renewal and 9 yrs Mos 1-4: Free Yr 6: $6.77 NNN $5.00 on
expansion) 1 mo 26,657 Mos 5-12: $5.75 NNN Yr 7: $6.90 NNN 41,854 SF
112,804 Yr 2: $6.25 NNN Yr 8: $7.04 NNN expansion
Yr 3: $6.38 NNN Yr 9: $7.18 NNN space
128,369 Yr 4: $6.50 NNN
5/16 7/16 220 O’Connell Way, East Taunton Sullivan Tire, Inc. 5 yrs Yr 5: $6.63 NNN Yr 5: $9.57 NNN Turnkey New lease signed
Yr 6: $9.86 NNN $5.00 None
5/16 12/16 110 Commerce Way, Woburn Quadgraphics (renewal and 7 yrs Years 1-5: $5.50 PSF NNN Yr 7: $10.16 NNN

expansion) Yr 1: $8.50 NNN Yr 4: $7.00 NNN
Yr 2: $8.76 NNN Yr 5: $7.17 NNN
5/16 7/16 500 Innovation Drive, Tewksbury Philips (renewal) 5 yrs Yr 3: $9.02 NNN $1.00 (plus None
Yr 4: $9.29 NNN $150k Lease renewal
restroom
Yr 1: $6.50 NNN makeover)
Yr 2: $6.66 NNN
Yr 3: $6.83 NNN $1.00

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 None None
62,800 Yr 2: $5.50 NNN
Yr 3: $5.75 NNN
40,332
11/15 2/16 111 Locke Drive, Oyo Sportstoys, Inc. 5 yrs 173,000 Mos 1-5: $0.00 NNN Mos 37-48: $8.35 NNN $30.00 Tenant received 5 months free rent
Marlborough 5 mos 60,522 Mos 6-12: $7.60 NNN Mos 49-60: $8.60 NNN on a 65 month lease
256,845 Mos 13-24: $7.85 NNN Mos 61-66: $8.85 NNN
6,949 Mos 25-36: $8.10 NNN
30,000
11/15 12/15 9 Cornell Place, Wilmington Interstate Office Partitions 5 yrs Mos 1 - 8: $6.50/rSF Mos 33 - 44: $7.25/rSF None None
(sublease) 8 mos Mos 9 - 20: $6.75/rSF Mos 45 - 56: $7.50/rSF
10/15 Mos 21 - 32: $7.00/rSF Mos 57 - 68: $7.75 NNN
8/15 FedEx 12 yrs
6/16 45 Industrial Way, Wilmington Amazon 5 yrs $22.00 NNN average rent $115.00 None
11/15 480 Sprague Street, Dedham $250.00 No free rent
Yr(s) 1: $6.35 NNN Yr(s) 4: $6.84 NNN
Yr(s) 2: $6.51 NNN Yr(s) 5: $7.01 NNN
Yr(s) 3: $6.67 NNN

8/15 1/16 600 North Bedford Street, Hart-Hanks Response 3 yrs Year 1: $4.20 NNN As-Is 3 year renewal
East Bridgewater Management/ Boston, Inc. Year 2: $4.20 NNN
Year 3: $4.20 NNN

8/15 10/15 165 Grove Street, Franklin Advanced Flooring Systems, 3 yrs, Mos 1-12: $6.19 NNN As-Is Renewal
Inc. 2 mos Mos 13-24: $6.37 NNN
Mos 35-38: $6.56 NNN

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

Q3 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

LEASE COMPARABLES

DATE SIGNED START DATE ADDRESS TENANT TERM SF RENT SCHEDULE TI/SF COMMENTS
7/15 9/15 Lagasse 4 yrs 158,900 $1.00 Four year renewal
33 Suffolk Road, Year 1: $5.00 NNN
Mansfield 7 yrs 90,000 Year 2: $5.20 NNN
3 mos Year 3: $5.40 NNN
98,000 Year 4: $5.60 NNN
7 yrs
7/15 11/15 Littleton Distribution Center, 1A Auto 3 mos 57,963 Yr 1: $5.50 NNN Yr 5: $6.07 NNN $2.50 3 months free rent
Yr 2: $5.64 NNN Yr 6: $6.22 NNN
Littleton 86,600 Yr 3: $5.78 NNN Yr 7: $6.38 NNN
20,854 Yr 4: $5.92 NNN

7/15 11/15 625 University Avenue, Norwood ASD Lighting 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 month free rent
None
6/15 8/15 9 Forbes Road, Woburn 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 Tenant received no 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 12/15 675 Canton Street, Norwood Universal Wilde 7 yrs 120,434 Year 1: $5.25 NNN Year 5: $5.92 NNN ramp, paint
Year 2: $5.41 NNN Year 6: $6.05 NNN & carpet.
60,200 Year 3: $5.57 NNN Year 7: $6.25 NNN
121,816 Year 4: $5.75 NNN $2.50

4/15 7/15 87 Concord Street, North Reading J&K Cabinetry 10 yrs 70,160 $6.75 NNN with 2.5% annual escalations $3.50 None
5,601 $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 9/15-8/18: $5.25 NNN 9/22-12/25: $6.25 NNN
9/18-8/20: $4.81 NNN

4/15 5/15 485 Wildwood Avenue, Woburn Tighe Warehousing and 2 yrs Yr 1: $7.25 NNN None None
Yr 2: $7.25 NNN $2.00 Lease renewal
Distribution (renewal)

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

2 mos

27

LEASE COMPARABLES

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

1/15 4/15 135 Flanders Road, Westborough Cogentix Medical 10 yrs Mos 1-6: Free 43-54: $6.00/SF NNN Expansion and extension. 22’ clear
6 mos 7-18: $5.00/SF NNN $0.25 escalation thereafter height
19-30: $5.50/SF NNN
31-42: $5.75/SF NNN Replacement premises in tandem
with CT deal
1/15 1/15 50 Scotland Boulevard, Bridgewater DePuy Synthes (Johnson & 3 yrs Year 1: $4.85 NNN
Johnson) Year 2: $5.00 NNN 6 months free rent
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 19,971 Year 2: $5.49 NNN Year 5: $5.98 NNN As-Is
448,470 Year 3: $5.67 NNN Year 6: $6.12 NNN BTS

11/14 1/15 27 Otis Street, Corporate Communications 3 yrs Year 1: $5.75 NNN
Westborough Year 2: $5.92 NNN
Year 3: $6.10 NNN

11/14 1/15 Littleton Technology Park, 1 Potpourri Group, Inc. 12 Yrs, $5.90 NNN Start, Bumps to $6.05 NNN at Year 5.5
6 mos
Distribution Center Drive, Littleton

Q3 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

29

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/ $25.5 M / $100.95 PSF SALE PRICE/ $39.75 M / $88.33 PSF
SALE PRICE/ $24.6 M / $103.00 PSF PSF: 6.41% PSF: 6.82%
PSF: CAP RATE: CAP RATE:

CAP RATE: 5.84%

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

Q3 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

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/ $30.8 M / $100.71 PSF
PSF: 6.24% SALE PRICE/ $10.25 M / $51.25 PSF SALE PRICE/ $9.55 M / $39.55 PSF
CAP RATE: PSF: PSF:

CAP RATE: USER SALE CAP RATE: USER SALE

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

31

SALE COMPARABLES

18 INDEPENDENCE DRIVE, DEVENS 11 FORBES ROAD, NORTHBOROUGH 3 DISTRIBUTION CENTER, LITTLETON

BUYER/ MACK Devens Development BUYER/ Capri EGM/Cornerstone BUYER/ GRAMERCY PROPERTY TRUST /
SELLER: / CrossHarbor Capital SELLER: Real Estate SELLER: COLONY CAPITAL
Partners

SIZE: 322,000 SF SIZE: 211,600 SF SIZE: 450,000 SF
SALE PRICE/ $28.30 M / $87.89 PSF
PSF: 6.05% SALE PRICE/ $20.875 M / $98.65 PSF SALE PRICE/ $39.75 M / $88.33 PSF
CAP RATE: PSF: PSF:

CAP RATE: 6.43% CAP RATE: 6.82%

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

Q3 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

SALE COMPARABLES

975 UNIVERSITY AVENUE, NORWOOD 675 CANTON STREET, NORWOOD 154 CAMPANELLI DRIVE, MIDDLEBOROUGH

BUYER/ Charles River Realty BUYER/ Colony Realty/Prologis BUYER/ Novaya Real Estate
SELLER: Investors & National SELLER: SELLER: Ventures / AEW Capital
Development / Martignetti Management
SIZE: Companies
SALE PRICE/ 363,108 SF SIZE: 338,432 SF SIZE: 275,000 SF
PSF: $32.17 M / $88.60 PSF SALE PRICE/ $27.5 M / $81.26 PSF SALE PRICE/ $19.75 M / $71.82 PSF
CAP RATE: 6.50% PSF: 6.53% PSF: 6.75%
CAP RATE: CAP RATE:

SALE DATE Q1 2016 SALE DATE Q4 2015 SALE DATE Q1 2016

33

SALE COMPARABLES

ADDRESS BUYER/SELLER SALE SF SALE PRICE % OCC. CLEAR HEIGHT COMMENTS
301 Page Street, Stoughton Calare Properties / Boston Interiors Q1 2016 119,000
162,000 $8M 100% 24’ Fully leased to Boston Interiors at time of sale
203,840 $67.23 PSF
36 Saratoga Boulevard, Devens Cabot Properties / Q2 2016 140,000 100% 25’0’’-33’0’’ Fully leased to New England Sheets with 5 years of
J.G. Petrucci Company Q2 2016 400,000 $9.5M 100% 18’0’’ remaining lease term
34 St. Martin Drive, Marlborough Q 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
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
Prudential Real Estate Investors and Q4 2015
Spaulding & Slye Investments $44.18 PSF

Metro National Development/ Boston 50,105 $4.7M 100% 12’0” Verizon currently leases the building (630 Forest
Realty Investments Group $93.80 PSF Street) and the 8.35 AC land parcel (686 Forest
Street)

Q3 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

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 -- 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
55 Lyman Street, Northborough $64.66 PSF 0% 12’0”-26’0” Technologies, Eastern Mass Movers & Midstate
Molding. 7.50% cap rate
20 Freedom Way, Franklin 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 260,760 $3.0 M
234,664 $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. Q3 2014 $92.21 PSF
Q3 2014 100% 32’ Fully leased to McKesson Corp. and Fed Ex w/ no
New York Life Insurance Company/ TA $26.835M 100% 36’ lease rollover until September 2018
Associates Realty $102.91 PSF
Fully leased to Owens & Minor (credit tenant)
New York Life Insurance Company/ TA $23.7M through December 2021
Associates Realty $101.00 PSF

35

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

Q3 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

WESTBOROUGH | ROUTE 9 / 1-90

WESTBOROUGH TECH PARK 325 TURNPIKE

WESTBOROUGH 8 TECHNOLOGY DRIVE SOUTHBOROUGH

Exit 23

WESTBOROUGH OFFICE PARK 9 CRYSTAL POND ROAD
WESTBOROUGH BUSINESS PARK 21 COSLIN DRIVE

600 FRIBERG PARKWAY 195 FLANDERS ROAD
150 FLANDERS ROAD 201 FLANDERS ROAD

155 FLANDERS ROAD

14 WALK UP 205 FLANDERS ROAD

Exit 11A Exit 21625 FLANDERS ROAD

HOPKINTON

39

WESTBOROUGH | OTIS STREET

98 SASSACUS 27 OTIS STREET
1-5 SASSACUS 27 OTIS STREET

WORCESTER TURNPIKE 35-49 OTIS STREET SMITH PARKWAY10 OTIS STREET
OTIS STREET

55 OTIS STREET

53 OTIS STREET 125 FISHER STREET

50 OTIS STREET

Q3 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

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

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

Q3 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

Q3 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

Q3 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

Q3 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT

ACTIVE TENANTS
IN THE MARKET

TENANTS IN THE MARKET

COMPANY TARGET MARKET SF REQUIRED PRODUCT TYPE BROKER COMMENTS
Amazon Warehouse Todd Meldahl
South 1,000,000 Acquired 78 acres for $3.9M to accommodate a 1 MSF BTS distribution
Martignetti Companies Warehouse CBRE facility. This is a separate requirement.
Potpourri Group, Inc. South 1,000,000 Industrial JLL Acquired 115 Acres in Myles Standish Industrial Park for purposes of
Victory Packaging North 300,000-450,000 Industrial AY developing 1.3 MSF of warehouse space ($11.5M).
West/South 250,000-350,000 BTS lease executed at Littleton Distribution Center.
Abbott-Action, Inc. Industrial TBD Acquired 56.52 Acres in Bellingham ($2.3M). BTS lease with Reinhart for
Cold Chain Technologies South 250,000-300,000 Industrial Andrew Sacher 240,000 SF.
SMC West 220,000 Industrial/Manufacturing CBRE Headquarters is in Canton. Consolidation of multiple locations. Timing is
West/North 193,000 fluid.
Charles River Apparel Office Manufacturing NAI Hunneman Signed lease at 135 Constitution Boulevard for 227,000 SF.
Amazon South 160,000-175,000 Warehouse NGKF Signed lease at 18 Independence Drive, Devens and are in the process of
Atlantic Importing Company South Distribution/ Warehouse New Dover acquiring the building.
West 150,000 Campanelli / Currently at 1205 General Edwards Highway, Sharon. 40,000 SF needs to be
New England Ice Cream 150,000 Distribution/ Manufacturing TBD office, balance is warehouse/manufacturing.
Unidentified Sports and Recreation South –200,000 C&W Signed a 163,000 SF lease at 12 Industrial Road, Milford.
User (AAU Basketball) Recreational Sports Facility C&W Currently at 101 Bishop Street, Framingham. Focused on 35,000 SF in place
Kens Foods 65,000-100,000 Warehouse JLL expansion.
Kellogg Sales Company Warehouse/ Distribution JLL
Keebler West 115,000 Office/ Distribution Colliers New construction with Campanelli in Norton.
Hilco Vision South /West 100,000 Office/ Manufacturing/ JLL
1A Auto South 120,000 Warehouse TW|RBJ Tenant is looking at land sites in the 495 West market to build a 115,000 SF
Alnylam West/South 130,000 Industrial/ Distribution Various Brokers facility. Timing is ASAP.
Taylor Farms West 100,000-150,000 Industrial /Manufacturing JLL Signed short term (6 month) contract at 125 Fisher to store overflow product.
Moderna Therapeutics West/South 100,000-150,000 Warehouse TBD Evaluating market for new distribution center location, moving slowly. Deal
Shaw Carpet West/South 200,000 Manufacturing on hold.
South 100,000-150,000 Warehouse JLL Renewed lease at 17 Forge Parkway, Franklin.
Fabcon West 100,000-120,000
South 100,000 Manufacturing/Warehouse Currently located at 33 West Bacon Street, Plainville, MA. Timing is Q1 2017.

West/South 100,000 Lease signed at Littleton Distribution Center.
Acquired land at 20 Commerce Way, Norton to accommodate a 200,0000 SF
world class manufacturing facility.
Looking to relocate HQ in 495 South market. Deal is on hold.

Signed lease with Campanelli at Upland Woods, Norwood.
Currently located at 275 John Hancock Road. LED of May 2017; They have
not yet toured the market.
Current locations are in MN, OH, PA & KS. Serving the Northeast out of PA
today. Need 30-40 acres for a BTS lease of 100,000 SF. 10-15 acres for storage
of product. Focused in Western, MA.

Q3 2016 GREATER BOSTON INDUSTRIAL MARKET SNAPSHOT