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Natick Flex Building Has New Owner //Stoughton Church Buys 14+ Acres //JP Morgan Chase Bank in Rowley Going Forward //Hotel On Tap for University Station Lot //Fairfield Inn in Milford Trades Hands // Natick Flex Building Has New Owner //Stoughton Church Buys 14+ Acres //JP Morgan Chase Bank in Rowley Going Forward //Hotel On Tap for University Station Lot //Fairfield Inn in Milford Trades Hands // Natick Flex Building Has New Owner //Stoughton Church Buys 14+ Acres //JP Morgan Chase Bank in Rowley Going Forward //Hotel On Tap for University Station Lot //Fairfield Inn in Milford Trades Hands //

Full Building Lease Follows $1.3M Sale

February 24, 2012 — By By Mike Hoban

WARWICK, RI — After a bleak 2011 for commercial real estate across all product types, the Ocean State is beginning to see signs of an early spring thaw in the industrial market, according to Michael Giuttari, president of MG Commercial Real Estate. Giuttari engineered the $1.38 million sale of 522 Jefferson Blvd. in Warwick, a 14,100-sf industrial building traded to a private investor operating under the 522 Jefferson LLC banner. MG then subsequently helped the new owner lease the entire property to Airgas, a distributor of industrial, medical, and specialty gases, welding supplies, safety products, and tools.

“It was a quick deal with a foreclosure and a court hearing—it wasn’t even on the market,” says Giuttari of the sale. “It was three weeks from the court hearing to close, and it will be three weeks to move-in (for Airgas).” The construction crew is working “18 to 20 hour days” for a March 1st move in, he relays, and when the facility is completed, it will house 3,000 sf of executive office space and a 3,500-sf showroom. The remainder of the facility will be used for demonstration rooms and storage.

Giuttari relays that the southern Massachusetts/Rhode Island industrial market is beginning to heat up, welcome news given the state’s economic woes that have decimated demand for more than three years. “There are good deals available and the financing is there,” Giuttari says of the improved environment. MG Commercial colleague George Paskalis concurs, having inked an undisclosed tenant to a 26,000-sf lease in Narragansett Industrial Park, and with sales of two industrial properties pending. Midway through the opening quarter, and conditions remain robust, the industry veterans report.

Built in 1993, 522 Jefferson Blvd. underwent extensive renovations in 2008, including new roofing, HVAC improvements, and upgrades to the office area. The rail-served property sits on three-acres, and was previously the home to L. J. Crane & Rigging North, LLC the former property owner. Airgas was represented by Arthur J. Ross of industrial brokers HART Corporation International of Pennsylvania. The tenant signed a ten-year lease that Giutarri describes as “market rate with increases every year.”
Besides being a member of SIOR, Giuttari’s CRE firm has an exclusive partnership with HART, touted as the largest industrial real estate brokerage company of its kind in the world and offering access to 300 brokerage companies in 34 countries.

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