Greystar Enters Greater Boston Industrial Market
The company broke ground on a 412,500-square-foot facility in East Bridgewater, Mass.
Rendering of 798 N. Bedford St. Image courtesy of Greystar Real Estate Partners
Greystar Real Estate Partners has started construction on a 412,500-square-foot industrial project in East Bridgewater, Mass. Public records show Greystar acquired the 46-acre development site for $22.3 million from Rhino Capital Advisors. Completion is expected in late 2023.
The warehouse will come online at 798 N. Bedford St. The development was designed to feature 36-foot clear height, 57 loading docks and some 340 vehicle and trailer parking spaces. JLL will provide leasing and marketing services at the future facility.
The site is just west of Route 18, providing access to Boston’s South Shore. Fall River Expressway is some 5 miles west.
The East Bridgewater property represents Greystar’s entry into the Greater Boston industrial market, adding to the company’s $2 billion pipeline of logistics projects. The new ownership is set to expand its industrial footprint and meet the area’s growing demand for industrial space.
According to a recent CommercialEdge report, Boston’s industrial sector’s vacancy rate was at 8.5 percent as of August, while nearly 6.2 million square feet of industrial space were under construction across the metro. Earlier this year, Atlantic Management secured $96.5 million in financing for two industrial assets in Westborough, Mass., totaling approximately 500,000 square feet. Amazon fully occupies the first building and will expand its footprint to the second development, a build-to-suit project.
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