Cornerstone Square Leasing in Home Stretch

WESTFORD — Hitting 80 percent on the pre-leasing scale is more of a benchmark than a milestone, but whatever one calls the situation at Cornerstone Square, its latest achievement reflects continued progress at the 238,000-sf project now going at superspeed towards an autumn opening after years in the planning and permitting process. Since construction and marketing finally began in late 2011, the 47,000- sf of medical space and a 191,000-sf “town center” inspired shopping center has already lured landed Market Basket in a store developer Robert Walker terms “special” for the expanding grocer that traditionally leans more towards function than form in its real estate choices. “We appreciate them for understanding what we are trying to accomplish,” says Walker. In interviews this week, the founder of RA Ventures and exclusive leasing agent Dusty Burke—who boldly portends 100 percent pre-leasing by opening day— attribute the rapid lease-up of Cornerstone Square in an uncertain economy to fundamental strengths of the Westford community where Walker is well-known businessman and developer of multiple properties. Besides a well-heeled demographic of 229,000 people living in a 15-minute drive, Baker says 100,000 vehicles traverse past Exit 32 of Interstate 495 daily where it intersects with Boston Road and Littleton Road. An estimated 93,000 professionals are employed in the immediate area, he adds, many at the sprawling Westford Technology Park where software giant Red Hat is expanding by 100,000 sf. Other corporate neighbors include IBM and Net Scout. In terms of aesthetics and tenant mix, Walker says he was determined to go beyond a bare-bones strip center or canyon of big-box warehouses. The Market Basket will be 60,000 sf, enough to house a Wegman’s-like potpourri of offerings such as prepared foods and cafes. Other national retailers and restaurants have also signed on to Cornerstone Square, including Burton’s Grill, Panera Bread and Great Clips. But the local flavor and boutique specialty stores are also being given room at Cornerstone Square, relays Walker, explaining that opens up opportunities for homegrown businesses such as Westford Florist. It also helps cast the town center mien that has been a vision for Cornerstone Square since being first advanced in 2006, says Walker. That is enhanced by the 13- building complex designed by Joseph D. LaGrasse & Associates whose use of a Federalist style is touted as providing the permanence of “traditional New England structural design,” according to marketing brochures. Suites as little as 1,000 sf are available in the center, and Burke says upwards of 14,000 sf can be provided for those seeking a bigger footprint. Burke acknowledges his bold prediction on 100 percent occupancy would seem ambitious to those fearful the economy continues to skate on thin ice, but the president of American Commercial Real Estate conveys similar results in his past two major leasing assignments, Chestnut Green in Foxborough and a property farther north in Merrimac, NH. “We’re trying to go three-for-three,” says Burke, subsequently offering a litany of reasons for his optimism. Tenants recognize the value from 4,000 feet of frontage along I-495, he says, and adds that the success heretofore is only enhancing belief in the Westford project. “Demand is strong and only getting stronger,” he says. The commitment to detail and concept of medical office uses are further draws for tenants, according to Burke, who also credits the sponsor for a can-do attitude. “Robert is an exceptional, proactive guy who gets things done on time and delivers what he says,” relays Burke. “And he is very deal-oriented—he does what it takes to work with (the prospect) . . . that has made a big difference.” As for Burke’s outlook, Walker is in full agreement. “We’re very confident we will be, if not at 100 percent (leased by opening), damn near it,” says the developer, even quipping that he is expecting Burke to hit “110 percent.” But reaching the 80 percent level is gratifying, Walker acknowledges. “I am excited about where we are at,” he says. “It is nice to see our vision coming true, especially because every store that opens, it means more jobs available for the region, and that is what we are all about.”