Maggiore Lands Sullivan Tire for 200,000 SF Lease

TAUNTON — A 14,000-sf lease in Woburn two years ago got their relationship rolling, and now Sullivan Tire and Auto Service has committed to all 200,000 sf in a flex/industrial facility the Maggiore Cos. is building here on 15 acres in the expanded Myles Standish Industrial Park. Sulivan’s 10-year pact commences when the fast-track project is completed next month, barely six months after Woburn-based Maggiore Construction Co. began work on the structure. Bank of New England is financing the project with a $9.75 million mortgage delivered on behalf of Colton Street LLC.

The blockbuster Sullivan Tire deal was negotiated by Mark Donahue of Donahue Associates for the tenant and CEO Paul Maggiore in-house for the Woburn-based developer, while a separate trade of the land parcel was brokered by Cathy Minnerly and Ovar Osvold of NAI/Hunneman Commercial Co. advising the Taunton Development Corp. and Massachusetts Development Corp. while Jacquelyn Maggiore represented the buyer. The property will house Sullivan Tire’s administrative and distribution operations. Paul Maggiore credits Sullivan Tire official Roy Donlon for his active role in the process, with Donlon having previously dealt with the Maggiore Cos. in 2012 on the smaller lease on Wheeling Avenue in the firm’s own Woburn industrial park. “When Mark Donahue informed us that Sullivan was looking for a regional warehouse, I knew that if we were the successful proponent, we could easily complete the transaction, given our previous history with the Sullivan group,”

Paul Maggiore relays, and such has proven the case for a highly coveted requirement on behalf of a well-known company active across New England. “The transaction was seamless, with both parties coming to terms amicably,” Paul Maggiore adds, and the symmetry was not just between his company and the tenant. Maggiore Construction Co. chief David Mann is credited for keeping the project moving on schedule once the in-house design was finalized and requisite permits were secured from the city of Taunton and TDC/MDC, who are overseeing the expanded industrial park. “Taunton is just fabulous to do business in,” recounts Paul Maggiore, calling the approval process “an absolute dream” that has made the deal viable. Mann and Maggiore Construction Co. President Matthew Maggiore worked to obtain needed documents and permits.

Well-known for a portfolio of flex/industrial facilities throughout suburban Boston, including projects south of town in Franklin and Taunton, the Maggiore Cos. has found new efficiencies using pre-cast panels up to 40 feet in height produced in Pennsylvania. According to Matthew Maggiore, “the panels were erected in 12 work days, from the time the panels began to arrive at the site,” helping meet the exacting schedule needed to complete a facility with clear heights to 28 feet in such a quick period. It also improves energy efficiency, Paul Maggiore relays.

Maggiore Cos. obtained the land parcel for $1.15 million in April and was underway by mid-May, according to Mann. What other options Sullivan Tire Co. might have considered is unclear, but while a new Transwestern RBJ survey shows Interstate 495’s flex/industrial market has a 20.1 percent vacancy rate for 13.2 million sf of inventory, I-495 South is just 9.6 percent for 3.25 million sf, and there are no new developments underway along the beltway to sate increased demand created by the improved economy. As a result, flex/industrial asking rents are up 12.3 percent over the past 12 months in the I- 495 South region, with the current rate at $8.33 per sf