WILMINGTON, MA — CBRE/New England recently announced that four leases totaling over 66,000 square feet of office and research and development/flex space have been executed at the Ballardvale Portfolio in Wilmington over the past three months.
Combined with significant upgrades made at the buildings by Berkeley, this leasing activity further advances the comprehensive repositioning of the properties as a premier office and research and development portfolio north of Boston.
At 300 Ballardvale St., Berkeley signed three office leases including the New England regional headquarters for HUB International, one of the largest insurance brokers in the world, for 37,592 square feet; NorthBay Solutions, a leading software development company, for 3,398 square feet; and Microlabs Scientific, a consulting and analytics firm focused on testing services for the electronics, semiconductor, optics and related industries, for 2,042 square feet. Monogram Foods, a rapidly growing North American manufacturer and distributor of food products, leased 23,206 square feet at 301 Ballardvale St. as an advanced food production facility, which represents an expansion from Monogram’s existing production plant nearby at 330 Ballardvale St.
CBRE/NE’s Jason Levendusky, Mark Reardon and Jake Borden are the exclusive leasing agents for the park.
Berkeley Investments, a Boston-based full-service real estate investment and development company, purchased the three-building park in early 2016. These recent deals, combined with over 55,000 square feet of transactions that were completed at the end of 2016 (Locus Robotics for 45,872 square feet at 301 Ballardvale St., as well as Bright Star Engineering for 5,318 square feet and Infranor for 3,972 square feet at 299 Ballardvale St.), have resulted in Berkeley leasing over 121,000 square feet in less than two years of ownership.
“With our purchase of the Ballardvale Portfolio, Berkeley was able to acquire properties at an attractive basis that offer significant opportunities for additional value creation through our repositioning efforts,” said Dan McGrath, vice president and director of asset management for Berkeley Investments. “With rents increasing throughout the Boston market, these properties are well positioned to offer the region’s innovative tenants high-quality flex, light manufacturing and office space at a lower price point than other suburban markets, while still offering easy commuting access and an attractive work environment for today’s workforce.”
“Berkeley’s strong team and expertise has allowed us to successfully execute our strategy of reintroducing the park to the market as best-in-class office/flex product within the North suburban market,” said CBRE/NE’s Levendusky. “We are excited to welcome these new tenants to Wilmington.”
The three-building, 310,000-square-feet Ballardvale Portfolio consists of 299 Ballardvale and 301 Ballardvale St., two single-story flex properties, and 300 Ballardvale St., a two-story office building. As evidenced by the tenants who signed new leases at the properties, the Ballardvale Portfolio is emerging as a nexus for highly innovative companies across industries including robotics, aerospace, optics and advanced manufacturing, in addition to core office industries such as insurance.
Berkeley Investments is also currently completing a series of significant capital improvements to reposition the portfolio. Completed improvements include new roofs on all three buildings, HVAC replacements, upgraded bathrooms and lobby atriums, all new landscaping throughout the park, a new on-site fitness center with shower/locker facilities, and a new cafe/collaboration area.
The Ballardvale Portfolio location provides easy access on and off Interstate 93, and is located within proximity to numerous restaurants, hotels and retail amenities. Just 10 miles from the New Hampshire border and 20 minutes from downtown Boston and Logan Airport, this location offers commuting access to a skilled labor force stretching from New Hampshire to Boston, and from Boston’s North Shore to its western suburbs.
(NOTE: The above press release is from CBRE/New England.)
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