128 CRE is pleased to present a rare investment opportunity to acquire a single tenant triple net lease flex building in the heart of the Central 128 market. A newly signed five-year lease renewal ("blend and extend") to SiteOne Landscape Supply, which includes two, five-year options to extend, presents investors with not only a current core investment opportunity with contractual annual rent growth, but also the long-term potential of a â€śhigher and better useâ€ť for the property offered by the recent zoning change to â€śHighway Businessâ€ť (HB) in the Town of Dedham.
60 Stergis Way is a 20,000 SF single-story flex building that checks all the boxes in the way of clear height, loading, parking, a healthy ratio of dropped ceiling office, showroom, and retail space, but with the additional benefit of permitted secure outdoor storageâ€¦ an advent that is valuable and scarce along the 128/95 belt. The robust absorption of flex/industrial space continues to push rents higher while creating a shortage of available space in the 128 suburban markets in Eastern Massachusetts. That shortage and that 60 Stergis Way has established itself continuously over the past 30+ years as the preeminent location to supply local commercial and residential landscape contractors compelled SiteOne to negotiate and secure the long-term control of this locationâ€¦ even in the middle of the Covid-19 pandemic.
Located within a half-mile of the Route 1/128/95 intersection, within easy walking distance of the Dedham Corporate Center stop on the Franklin commuter rail line and just steps behind Legacy Place, the dynamic 675,000 square foot, open air â€ślifestyle centerâ€ť, 60 Stergis Way offers an investor a unique combination of near-term secure cashflow, and anticipated future potential.
128 CRE will be conducting tours with a call for offers to follow shortly thereafter.