1 Harvest Way
Introduction
Equity Industrial Partners (EIP), a prominent industrial real estate investment and development firm, demonstrated their value-add expertise with the successful transformation of the property at 1 Harvest Way in Southborough, MA. This case study highlights EIP's strategic vision and dedication to creating exceptional industrial spaces through extensive renovations and successful leasing agreements.
Acquisition and Initial Renovations
In 2008, EIP acquired the bank-owned property at 1 Harvest Way. The building was previously occupied by Hendries Ice Cream as Freezer and Cooler space. Recognizing the potential of the property, EIP embarked on a $2 million gut renovation of the building between 2009 and 2011, completely transforming the premises. The renovation included white boxing the space, ensuring it was ready for potential tenants.
Leasing Success with Harvey Industries and EFI
In 2009, EIP successfully executed a lease agreement with Harvey Industries. The lease deal involved a $500,000 Landlord contribution to Tenant's work, which enabled Harvey Industries to customize the space to meet their specific needs. As part of the deal, EIP also replaced the roof, demised the space for better functionality, and separately metered utilities for enhanced efficiency.
In 2011, EIP secured another significant lease agreement with EFI. To cater to the tenant's requirements, EIP invested in substantial HVAC upgrades, ensuring the space provided optimal climate control for EFI's operations.
Continued Enhancements and Tenant Upgrades
As part of the ongoing commitment to maintaining a top-notch property, EIP executed amendments with EFI that led to $130,000 in sprinkler upgrades and the installation of upgraded dock equipment. These enhancements further solidified the property's value and functionality.
In 2022, the EFI space was leased to Cognex, who invested around $2.0 million in their fit-out. This included new warehouse flooring, exterior painting, and upgraded HVAC systems, showcasing Cognex's commitment to creating a state-of-the-art facility.
Success Story: A Premier Industrial Space
The case study of 1 Harvest Way exemplifies Equity Industrial Partners' expertise in value-add real estate investment and development. The strategic acquisition, extensive renovations, and successful leasing agreements demonstrate EIP's dedication to creating premier industrial spaces that cater to the needs of their tenants. The continued enhancements and upgrades further showcase EIP's commitment to delivering exceptional properties that attract high-profile tenants.
Conclusion
Equity Industrial Partners' successful transformation of 1 Harvest Way into a premier industrial space exemplifies their expertise in value-add real estate investment and development. The strategic acquisition, extensive renovations, and successful leasing agreements with top-tier tenants showcase EIP's commitment to delivering top-notch industrial facilities. By investing in substantial property improvements and collaborating with esteemed tenants, EIP has solidified their position as a trusted leader in the industrial real estate market, providing superior value and performance for their portfolio.
