Fairhaven, MA Commercial Real Estate for Sale and Lease

Settled in 1653, this town was not officially incorporated until 1812. Located in Bristol County, it has a population of about 15,870 people as of the 2010 census. The town is situated on the southern coast of Massachusetts. It shares a harbor with New Bedford, and is filled with a rich history that includes whaling, fishing, shipping and storage, and related maritime activities. The town lies about 50 miles south of Boston and 35 miles east of Providence, Rhode Island. It was once part of a larger piece of land that included the towns of Acushnet and New Bedford. However, the three towns eventually divided. The town’s main transportation sector is Interstate 195, which runs through the town in an east-west direction. Route 6 is the other prominent transportation corridor in town, and it forms a bridge between Pope’s Island and the mainland. The main form of public transportation serving the town is the SRTA, which provides bus service to and from New Bedford, Acushnet, and Mattapoisett. There is no nearby rail or air service at present, but the MBTA is considering extending a commuter train to the adjoining town of New Bedford. The closest airport is the New Bedford Regional Airport, which in turn connects with Boston Logan International Airport, which is one of the busiest airports on the East Coast.

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Fairhaven Commercial Investment Properties

Steeped in an industrial and manufacturing past, this town is poised for future growth in the commercial sector. The growing trend of technology and ecommerce companies moving into the Greater Boston area is pushing the need for outdated buildings, which can often be easily renovated and adapted to companies’ specific uses, to serve as new office, production, and manufacturing space for today’s businesses. For the first time in recent history, sales and leases of Class B buildings have exceeded those of Class A buildings, which are buildings that are equipped with state-of-the-art systems and novel technologies like sprinkler systems, advanced energy systems, and security systems. Class A buildings are usually more expensive to rent or own, as they are in move-in ready condition and do not require many, if any, renovations and alterations. Class A buildings are also generally the buildings with the most coveted locations, whether that’s in a premier strip mall, in a highly trafficked area of the downtown center, or near a major transportation artery such as I-195.

In the last quarter of 2017, manufacturing use buildings dominated the market with a 43 percent market share, while flexible use buildings were the next most desirables units of space. Flexible use buildings accounted for about 21 percent of the market share in the third quarter of 2017. Industrial sales and rentals have been seeing quite a bit of recent activity as well, with turnover in both areas outpacing historic figures. Investors are jumping at the opportunity to finance redevelopment projects in particular, noting that the continued, and rising, interest in the regional market on the part of businesses and corporations looks to remain a prominent factor in the growth and stability of the market in the next few years. The time is now for companies of all sizes and backgrounds to find suitable space in the area and call it home, as rental rates continue to rise (especially in the residential sector) and vacancy rates are falling.

Fairhaven Office Space Market

Office space in the area includes a mix of traditional entities like medical facilities, banks, and law offices. The town’s vibrant and lively downtown area makes it a prominent location to set up office buildings of all varieties. Older traditions are meeting new as innovative companies are looking to secure space and set up shop for the long term. Spaces are available for sale and rent across all categories of buildings, which are Class A, Class B, and Class C.

An example of an office space that commercial tenants might find is a space that is designated specifically for medical use. Such is the case with a medical professional building covering 10,380 SF of space on Huttleston Avenue. The building, which is offered for a sale price of just over $4.3 million, is a relatively recent building that was constructed in 2016. The building is considered a Class C building. A rare find, it was recently constructed, and therefore requires no immediate renovations and improvements. The facility is available for a single tenant, and it offers an investment triple net sale scheme. The location is considered to be moderately ideal, with a somewhat walkable setting and a location outside of town that requires transportation, and is located away from the town center, to reach.

Fairhaven Retail Space Market

With the vibrant downtown area full of restaurants, bars, shops, and funky boutique and gift stores, there is tremendous potential and value in retail clients moving in and choosing to lease or own buildings. Retail space, as with other commercial buildings, falls into the categories of Class A, Class B, and Class C. Retail opportunities abound for tenants of all kinds, as investors are optimistic about the continued steady stream of foot and vehicular traffic to the downtown area.

Retail spaces, like other commercial spaces, come in a range of sizes. Small shops are available in the downtown area, while larger spaces are more likely to be found outside of the town center, such as in strip centers and in freestanding buildings located along busier corridors. Retail space may be sold or rented for general use purposes, or it may be set aside for specific uses, such as bars and banks.

An example of a retail space that prospective tenants may be able to occupy is a freestanding general retail building on Fairhaven Commons Way. The building, which is offered for lease, has an undisclosed rental price. Interested tenants are advised to contact the landlord to get a quote and negotiate prices. The space available is 0.04 acres. The building covers an area of 102,000 SF, and it is listed as suitable for a variety of common uses.

Another building tenants may be able to look at is a building in a shopping center on Huttleston Ave. The building is listed for lease, and it also has an undisclosed price. There is about 10,000 SF of usable space available in the building. The lease term and availability date are considered negotiable. The service type is triple net, and the space use is designated as retail.

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