Douglas, Mass.– JLL announced that a large medical distribution company leased 444,413 square feet at 40 Lackey Dam Rd., a 607,486 square foot Class A warehouse and distribution dock facility owned by Scannell Properties that sits in Uxbridge, Douglas & Sutton, MA. The medical distribiton company was not identified.
The lease is the largest of the year for speculative industrial development, removing a much needed piece of vacancy from the market. 40 Lackey Dam Road was completed in the second quarter of 2023.
“This is a big milestone for the project and something we’ve been working towards over the last three years”, said Leo Leighton, who led the development for Scannell Properties. “We’ve built a great team on this project, starting with the teams at Crow Holdings Capital and JLL, which has been critical to the success of a speculative development of this size. We decided to shrink the building footprint by about 30,000 SF to provide maximum flexibility for demising the building. This enables us to lease the majority of the building and leaves us with 163,000 SF of remaining Class A industrial space that caters to the tenant demand in this region.”
The JLL industrial team brokered the transaction on behalf of the large medical distributor and ownership, Scannell Properties and a real estate fund advised by Crow Holdings Capital. “We were fortunate to help advise such a great organization execute on their real estate strategy. said Michael Ciummei, Managing Director and industrial co-lead at JLL.
“Scannell Properties and Crow Holdings Capital’s team built the exact specs corporate occupiers have come to expect in new distribution facilities. We are thrilled to have worked alongside them in this transaction,” said Joe Fabiano, Managing Director and industrial co-lead at JLL.
The JLL team representing Scannell Properties and a real estate fund advised by Crow Holdings Capital is comprised of Managing Directors Joe Fabiano, Rachel Marks, and Bob McGuire and Vice President Chelsea Andre. The JLL team representing the medical distributor is comprised of Managing Director Michael Ciummei and Associate Dane Caracino.
Scannell Properties is a privately held real estate development and investment company that focuses on build-to-suit and speculative development of industrial, office, and multifamily facilities throughout the U.S., Canada and Europe. Since its inception in 1990, Scannell Properties has completed over 530 development projects totaling 150 million SF. The annual development volume is estimated at $5 billion.