111 Canfield Ave. in Randolph — Courtesy: Newmark
By Joshua Burd
A fitness equipment maker has renewed its lease at a flex industrial campus in Randolph, where it occupies more than 32,000 square feet at a location just off Route 10.
According to Newmark, which represented the tenant, Landice Inc. occupies one of three buildings at the 139,442-square-foot Canfield Business Park. The company has spent more than a decade at 111 Canfield Ave. and will stay in place for another 10 years after signing the extension with Commercial Realty Group.
Newmark Associate Director Trevor Patterson brokered the 32,200-square-foot transaction, noting that the facility houses Landice’s headquarters and manufacturing facility.
“With local market expertise from living and working in the area for two decades, we were able to navigate potential vacancies and upcoming price points to ensure that the decision to stay was the most advantageous solution for the company’s continued successful operation in both the short and long term,” Patterson said.
Landice, which makes high-end treadmills, ellipticals and exercise bikes, has grown from an initial 15,000-square-foot lease at Canfield Business Park. It recently explored alternatives ahead of its lease expiration, but opted to stay in place with what Newmark described as fair rental terms and a concession package to improve the space, allowing it to enhance both its corporate image and production efficiency.
In announcing the deal, Newmark noted that Canfield Business Park is a 15-minute drive from Interstate 80 and a 20-minute drive from the Interstate 287 interchange.