VMD Defies Market, Secures $18.2M in Deals at Middleborough Campus

MIDDLEBOROUGH, Mass. – April 13, 2026 – In a striking display of strategic foresight amidst a turbulent real estate market, VMD Companies has finalized an $11.6 million land sale to roadway contractor Indus, marking the second major transaction at The Campus at Canopy Drive within a year. The deal, combined with a previous $6.6 million sale to REXA, Inc., brings total land sales to $18.2 million, validating a long-term vision for the master-planned industrial park and signaling a significant economic victory for the Town of Middleborough.

A Blueprint for Growth in a Challenging Market

The back-to-back closings are particularly noteworthy given the broader economic climate. Throughout 2025, the Greater Boston commercial real estate market contended with tightening credit, rising construction costs, and increasing vacancy rates that climbed toward 10% by year's end. While the market has shown early signs of stabilization in the first quarter of 2026 with positive net absorption, the environment for new development remains fraught with risk.

Against this backdrop, VMD's success highlights the value of its "shovel-ready" approach. The firm invested years in assembling the land, navigating the complex entitlement process, and delivering a site ready for immediate development. This de-risking strategy proved highly attractive to companies looking to expand without facing the delays and uncertainties of starting from scratch.

"Canopy Drive reflects our ability to identify and execute on complex but compelling investment opportunities, while working in close partnership with town, local, and state officials to bring a project of this scale to fruition," said Phil Down of VMD Companies in a statement. "In a challenging macro environment, the leasing momentum at Canopy Drive validates the strength of the location, the quality of the site, and our team's disciplined execution of the business plan."

The Power of Public-Private Partnership

Central to the project's success has been an active and deliberate partnership with the Town of Middleborough. Recognizing the potential for significant economic impact, town leadership, including Town Manager James McGrail, championed Tax Increment Financing (TIF) agreements for both Indus and REXA.

This structured property tax incentive, approved through the town's public meeting process, was a critical tool that enabled Middleborough to compete effectively for businesses that had numerous options across the state. The TIF agreements not only supported the companies' financing but also cemented Middleborough's reputation as a pro-business community.

The direct benefit to the town is substantial. The two companies are set to bring a combined total of more than 145 jobs to the area, with both Indus and REXA committing to prioritize hiring qualified local residents. For a town that has strategically targeted its West Grove Street corridor for industrial and commercial growth, the deals represent a major inflection point, promising new tax revenue and economic vitality.

Building for Modern Industrial Needs

The new facilities at Canopy Drive underscore a key trend in industrial real estate: a move away from generic warehousing toward specialized, high-performance buildings tailored to modern business operations.

Indus, a Braintree-based roadway rehabilitation contractor, will consolidate its headquarters and field operations into a new 75,000-square-foot facility. Crucially, the plan includes seven acres of industrial outdoor storage (IOS), a specialized and increasingly sought-after asset class. The move is expected to create 20 new permanent jobs in roles ranging from mechanics and warehouse staff to CDL drivers.

Meanwhile, construction is nearing completion on REXA, Inc.'s new 110,000-square-foot manufacturing headquarters. REXA, which produces advanced process control equipment for the energy and water sectors, is relocating from West Bridgewater. The move allows the company to retain 100 full-time positions and add another 25 over five years. The state-of-the-art facility was meticulously designed with Boston Industrial Consulting to consolidate all engineering, design, and manufacturing operations under one roof, optimizing workflow. It features 28-foot clear heights, wide bay spacing, and a 20,000-square-foot, two-story office component—specifications that cater to the demands of high-tech manufacturing.

What's Next for The Campus at Canopy Drive

With nearly 185,000 square feet of development now committed, VMD Companies is not slowing down. The developer intends to break ground this summer on Lot 1, which will feature approximately 240,000 square feet of shallow-bay industrial space spread across two buildings.

This speculative development is designed to accommodate a wider range of tenants, with flexible units from 20,000 to 120,000 square feet, targeting a segment of the market with persistent demand. This phase will further diversify the campus's offerings, catering to businesses in logistics, R&D, and light manufacturing.

One large parcel, the 12.1-acre Lot 3 permitted for up to 107,000 square feet, remains available, along with the future speculative space. With its strategic location less than two minutes from the I-495 interchange, providing one-hour access to the major population centers of Boston and Providence, The Campus at Canopy Drive is well-positioned to capture continued demand and further cement its role as a key economic engine for the region.