Hot Property: Upton Crossing Industrial Park
As seen in Banker & Tradesman
By Steve Adams
What: Upton Crossing Industrial Park
Where: 36 and 38 Upton Drive, Wilmington
Owner: PGA Realty Co. of North Andover
A new e-commerce distribution center totaling 256,000 square feet is a North Andover developer’s vision for an undeveloped parcel near I-93 in Wilmington.
Low vacancies in industrial real estate and rising demand for last-mile distribution centers prompted PGA Realty to draw up development plans for the site at 36 and 38 Upton Drive. The vacancy rate in the 48.5-million-square-foot north suburban warehouse market was 5.1 percent at the end of the first quarter, according to data from Lincoln Property Co.
Wilmington-based PGA Realty Co. is in the final stages of permitting for a four-building industrial subdivision containing three high-bay warehouses ranging from 67,600 to 99,840 square feet and a 21,600-square-foot single-story flex building. The warehouses will have 30-foot clear heights and one loading dock for every 5,000 square feet.
Lincoln Property Co.’s Rob Cronin represents ownership in leasing. Project team members include Maugel Architects of Harvard, Beals Assoc. of Boston, Erland Construction of Burlington and financing broker HFF Boston.
“When we conceived of this project we had ‘last mile logistics’ in mind. It is the most expensive and most time-consuming step in distribution, yet it is critical to the profitability and growth of E-commerce. E-commerce is projected to double in the next 10 years and, in order to meet customers increasing demands for faster and better delivery options, last mile delivery is going to need to get more efficient and frictionless.” Peter Crocker, general manager, PGA Realty.
Landlord Representation Rob Cronin Suburban Brokerage