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JLL has been exclusively retained to offer for sale 1055 Auburn Street, a 20,000 SF industrial warehouse facility, in Whitman, Massachusetts that is currently built out as an entertainment center. The building has 18' clears and a steel framed, peaked roof that affords a completely open floor plan with no interior columns. Additionally, the building sits on a 2 acre parcel which could allow for significant trailer storage space as well as the potential for a redevelopment program involving the addition of dock doors on the southeastern side of the asset
The opportunity is presented at a time when the Boston industrial market has never been hotter. The e-commerce trend has accelerated in recent years, making even small scale warehouse and distribution space critical for those last mile distribution users who desperately need highway access and relatively close proximity to the city of Boston. Rents across the market have increased 36% over the past 5 years and there is extremely limited vacancy. Set in both Metro South and along Rt 24 this asset is positioned to capture the best of the market momentum associated with this product sector. The property is being offered as is, free and clear of any debt and with no asking price.
ROUTE 24 CORRIDOR
- The property lies adjacent to Brockton on the Route 24 Corridor – one of only a few major connectors between Route 128 and I-495. This stretch of highway is home to 14 MSF of industrial product and accounts for 20% of the entire Metro South market. Major commercial centers along this path include Brockton, Avon and Bridgewater. Vacancy in this geography has decreased 9% in just 5 years and has remained below 5% since 2016. Large industrial users in this geography include U-Haul and NorthEast Electrical.
COVETED INDUSTRIAL PRODUCT
- The Boston Industrial Market is as hot as it has ever been with 36% rent increases over 5 years and vacancy at only 5%. The e-commerce trend both nationally and locally has put a new premium on warehouse/distribution space in the region as users are prioritizing high clears, multiple loading docks and ample trailer parking for their operations. The fundamentals of the industrial sector are expected to strengthen further as land constraints have meant that very little new product has been built in recent years.
STRONG WAREHOUSE GEOGRAPHY
- The property is positioned in the Metro South Industrial Market, the largest industrial market in the region and one that is home to nationally recognized industrial users such as Ocean Spray, Autopart International and Ikea. The geography benefits not only from Boston-based commerce but also from its proximity to Providence and Connecticut based hubs. Over the past 5 years, NNN rents in this region have increased 36% and vacancy has decreased 33%.