January 21, 2011

BILLERICA — Taurus Investment Holdings is half-way home in its efforts to fill 95 Billerica Ave. The two-story, 75,000-sf flrx/office building has landed Aved Electronics in a 10-year deal for the entire first floor. The 36,500-sf lease was negotiated by CBRE/NE on behalf of Taurus and had Colliers Meredith & Grew serving as counsel for Aved, a 30- year-old operation touted as New England’s largest independent producer of battery packs.

«We’re on to the next one,» CBRE/NE principal Mark Reardon says of the deal, nonetheless acknowledging the Aved commitment is a substantial victory for 95 Billerica Ave. given hefty competition for tenants in the Interstate 495 North region and a variety of options available. Represented by Reardon and colleague Jason Levendusky as exclusive listing agents, 95 Billerica Ave. will welcome Aved this April following build out of its Daniels helped Aved assess its space, with the firm presently located at 59 Technology Dr. in Lowell.

MG broker Brian Tisbert and Matthew Daniels helped Aved assess its space needs and come to terms once 95 Billerica Ave. was deemed to be the best available choice. «This transaction identified a long- term solution for Avid’s growth plans,» relays Tisbert, who also applauds the land- lord’s team for «responsiveness» in reaching an agreement, one that calls for Aved to expand its current footprint by another 10,000 sf.

Situated on a 13-acre parcel near Interstate 495 at Exit 37, 95 Billerica Ave. has yet to mark its 10th anniversary, having come on line in 2002 just as the technology sector was hitting the doldrums after a boom period to begin the new millennium. Designed to accommodate office, industrial and light manufacturing uses, 95 Billerica Ave. provides a mix of modern product, proven location and flexibility sought by tenants today, according to marketing materials touting the property.

Reardon says he is encouraged by the level of interest at the outset of 2011, adding that the strong sponsorship offered by Taurus has been a further benefit. «That always helps,» he says given the prevalence of landlords without the capital available for tenant improvements and upkeep. Taurus purchased 95 Billerica Ave. for $2.85 million in July 2008, or approximately $38 per sf.

Financial terms of the Aved pact were not provided in a press release issued this week announcing the transaction. Rents have been largely stagnant across I-495 North during the recession, and observers say conditions for tenants should remain positive for the rest of 2011. In its year-end analysis, CMG puts the availability rate for I-495 North at a flaccid 24.5 percent. A drop in net absorption of 265,000 sf during the fourth quarter provided further angst for the submarket, CMG’s research indicates.