serving hospitals, educational, and
other non-profit institution facilities.
In 2014, the company recognized the
opportunity to consolidate under one
roof for operational efficiency. They
wanted to consolidate its leased space
and conduct research for a new leased
or purchased space – either as a build-to-suit, existing building, or ground
up development. They were willing
to search within a 50-mile radius of
Boston, both suburban and urban, and
into New Hampshire. While Bob was
an expert within the City of Boston
market, he contacted Rob Nahigian for
his expertise in the suburbs and with
build-to-suits. Bob and Rob first met at
an SIOR designation course in the early
1990s and have served together on
many real estate committees in Boston.
Rob and Bob developed and implemented a strategic plan with JC Cannistraro
to relocate its workers from five other
locations. Bob and Rob also worked with
the C-Suite to plan out the next 40 years
of growth as a family owned company.
At the same time, they conducted a six
month facilities evaluation and market
advisory. The study unveiled more
than 100 sites. The property at 25 Fid
Kennedy was available by the owner,
EDIC and the BRA.
EDIC had a 160,000 square foot, two
story building available on a bid basis
which included 141,425 square feet of
land. The building, a previous S. Boston
Army Annex, was constructed circa
1941 by the U.S. Dept. of Defense for
the WW II war cause. The Marine Park
was part of the 167 acres used by the S.
Boston Naval Annex and 58 acres used
as the S. Boston Army Annex. In 1977
and 1983, EDIC secured ownership of
this area to redevelop for marine-relat-ed, industrial, and manufacturing jobs.
The entire Seaport market comprises
over 3 million of leased space owned
and managed by EDIC. The Naval Annex
is a portion of this larger area.
EDIC, established in 1971 to preserve
and create industrial jobs, was encouraging proposals that furthered
its commitment to promote maritime
economic development and the retention and creation of manufacturing job
opportunities within the existing zoning
and regulatory framework.
After months of preliminary negotiations for a letter of intent in early
2015, EDIC and the BRA considered JC
Cannistraro as a Tentative Developer,
winning over other bidders in a public
bid process.
The Boston Marine Industrial Park is
comprised of 191 acres located on the
S. Boston Waterfront with over 200
businesses employing 3000 workers.
JC Cannistraro would be adding 15-20%
(150-400) new workers including union
jobs. JC Cannistraro developed plans
to completely renovate, enhance, and
redesign the former U.S. Army Annex
including clean-up of past ground impairments. Lease negotiations were
on-going and a Final Designation was
awarded to JC Cannistraro in June 2016
with the final lease executed on August
31, 2016. The lease control period is approximately 70 years in term.
Parties involved during the entire process included the Mayor of Boston, the
Director of the BRA, EDIC and their legal
counsel Robinson and Cole. EDIC made
this manufacturing transaction its priority to bring a large regional industrial
company back into the City of Boston.
The City of Boston was also negotiating
the relocation of the GE World Corporate
Headquarters to Boston. While GE is
bringing its office space to the Seaport
area, JC Cannistraro, LLC is bringing its
manufacturing operations to Boston in
one of Boston’s largest industrial transactions in over 50 years.
Brokerage | Investment | Development
Nim Frazer, SIOR | Montgomery,AL | (334)244-8650 | www.industrialpartners.com
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