Marcus Companions has bought a six-building, 1.2 million-square-foot industrial portfolio within the Larger Boston space for $167 million. CBRE negotiated the deal on behalf of the vendor and procured the client, Westbrook Companions, the Boston Enterprise Journal first reported.
Marcus Companions assembled the property assortment, known as the Boston Metro Logistics portfolio, via a collection of acquisitions between 2019 and 2021. Throughout its possession, the corporate enhanced the worth of the property via leasing, ground-up developments, renovations and beauty enhancements.
A Larger Boston portfolio
The Boston Metro Logistics portfolio consists of:
A 169,986-square-foot, Class A, one-story constructing at 176 Grove St., in Franklin, Mass.
A 150,000-square-foot, Class A constructing at 206 Grove St., in Franklin, Mass., accomplished in 2022.
A 165,000-square-foot, Class B manufacturing facility situated at 210 Grove St., in Franklin, Mass.
A 116,864-square-foot, Class B warehouse at 17 Gilmore Drive, in Sutton, Mass.
A 134,732-square-foot, Class B industrial facility at 1 First Ave., in Peabody, Mass.
A 407,466-square-foot, Class B distribution facility at 57 Littlefield St., in Avon, Mass.
The portfolio’s tenant roster contains XPO Logistics, Georgia-Pacific Corp., Waters Corp., Supply Worldwide Corp., Spire and S.G. Torrice Co., amongst others, CommercialEdge information exhibits.
The three Franklin properties characteristic 26-, 36- and 19-foot clear heights, truck courts, loading doorways, dock levelers and bumpers, ESFR sprinkler techniques, sky lights and a complete of 317 car parking spots. The opposite three buildings embody 16- to 25-foot clear heights, loading doorways, dock bumpers and levelers, truck courts, HVAC local weather techniques and a complete of 363 car parking spots, the identical supply exhibits.
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The three Franklin properties are situated close to Interstate 495, masking a mixed 45.9 acres, 36 miles from Worcester, Mass., 42 miles from Boston and inside 45 miles of Boston Logan Worldwide Airport. The Sutton and Avon buildings are inside 58 miles from one another, whereas the Peabody asset is located 15 miles from downtown Boston. The CBRE staff led by Government Vice Presidents Scott Dragos and Chris Skeffington, together with Senior Vice President Roy Sandeman assisted the vendor and procured the brand new proprietor.
Nationwide in-place rents for industrial area recorded a 7.4 % year-over-year enhance as of June, a current CommercialEdge report exhibits. As port markets proceed to witness essentially the most important development, Boston in-place rents rose by 10.3 %, adopted by New Jersey (8.8 %) and Bridgeport (8.5 %).
