Tuesday, August 7, 2007

Leominster Commercial Real Estate - Office Space For Lease - Part 3

This is the third of a four part series on the Leominster commercial real estate market. This series focuses on Leominster office space for lease. I'll be focusing on Routes 12 & 117 as well as some of the smaller properties in the area that are great options for startups and small businesses looking for more affordable rent.

Heading into Leominster from I-190 you would likely take Route 117 also knows as Lancaster St. Just a couple miles in from the highway, the first option you'll come across for office space in Leominster is the Gateway Business Center. This property is a converted mill building owned and managed by Steve Boucher, a local investor/developer.

Gateway offers three levels of space with office rents starting at $9/SF triple net. Steve has done a tremendous job preparing the upper levels of the building for occupancy by small businesses.

The floors and beams have been sandblasted, windows replaced, and the HVAC system is being completely upgraded to meet the current standards for energy efficiency.

Some of the other amenities include an on-site state of the art fitness center, and an electronic 24-hour security system that only allows for after hours entry with an electronic key card. All entrances are locked at the end of the day automatically and the property is opened each morning. The building is also fully ADA compliant with the recent addition of a full-service elevator.

As you head closer to the downtown, you'll pass by the #3 Fire Station, yes a former fire station that was recently purchased by a couple of local investors and renovated. The property is located at 145 Lancaster St, directly across from the Hannaford Plaza. The first floor was recently leased to Leominster Auto Parts with the second floor slated for renovations to accomodate an office tenant. The space is available for lease for $9/SF and the current owners will accomodate the right tenant with elevator access. Naturally the lease rate increases should you desire elevator access but it's an option.

The Route 12 Corridor running from Sterling to downtown Leominster is where you would find the Leominster Plaza. This property is a mixed use property with the first floor being a strip mall type setting with tenants ranging from a sandwich shop, a laundromat, a night club, a staffing company, and several others.

The second floor, with ground level access, reached by driving around to the rear of the property and up the driveway, is home to more traditional office users such as financial planners, a chiropractor, real estate company, I/T companies, and several others. Office lease rates here are in the $15/SF range but the owner is always willing to negotiate. An on-site manager is there to make sure your service requests are handled promptly. The offices are clean and neat with upscale finishes at an affordable price.

Closer to the downtown are several small buildings formerly used as multi-family homes that have been converted over the years to accomodate small businesses. These properties offer some of the most affordable rents in the city but lack a lot of the amenities such as elevator access for ADA compliance, executive finishes, and off-street parking. If you're just starting out in business and a single office is all you need and you don't mind climbing stairs, you can get a great deal just outside of downtown Leominster in a number of small office properties.

In the last installment of this series, I'll spotlight Crossroads Office Park and also sum up the previous three installments.

As always, if you're considering leasing office space in Leominster, I reccomend you always make sure you have proper representation by a licensed real estate professional.

See Also: Leominster Commercial Real Estate - Office Space For Lease - Part 1

Leominster Commercial Real Estate - Office Space For Lease - Part 2

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