Rockpoint Pays $120M for MA Industrial Asset
This is the largest property sale in Central Massachusetts since 2020.
Rockpoint continues to grow its industrial portfolio with the acquisition of Uxbridge Distribution Center, a cross-dock facility of more than 607,000 square feet in Uxbridge, Mass.
Scannell Properties sold the asset for $120 million, according to the Worcester Business Journal. The publication stated it was the largest property sale in Central Massachusetts since 2020.
Completed in 2023, the distribution center occupies 70 acres at 40 Lackey Dam Road in the Worcester, Mass., submarket. While most of the property is in Uxbridge, some of it lies in the towns of Sutton and Douglas, Mass.
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The warehouse has a 36-foot maximum clear height and 127 docks. The property also includes adjacent industrial outdoor storage space and a parking field. Rockhill Management, Rockpoint’s dedicated property services affiliate, will be the property manager.
McKesson Corp. occupies approximately 73 percent of the facility, having signed a 15-year lease in December 2023 for 444,413 square feet. A Lincoln Property Co. report for the Greater Boston market noted it was the largest industrial deal closed in Massachusetts in the fourth quarter of that year.
Rockpoint industrial growth
Rockpoint has made 13 industrial investments with more than 12 million square feet since 2020. Since 1994, Rockpoint has invested in or committed to invest in 503 transactions with a total peak capitalization of about $80 billion. The firm’s co-founders have also sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm.
In January 2024, Rockpoint raised $5.1 billion in aggregate equity capital commitments, including the close of Rockpoint Real Estate Fund VII at $2.7 billion. Fund VII targets opportunities in the U.S. across real estate sectors including industrial, multifamily, single-family rental, hospitality and select office investments.
More recently, Rockpoint formed a strategic partnership with Greystar to continue the development of Gateway Logistics Center in St. Petersburg, Fla. The project is the largest industrial development in Pinellas County in more than two decades.
The firm is also developing Race Track Logistics, a trophy industrial park in Pompano Beach, Fla., that will total about 1.5 million square feet at full build-out. The first phase, comprising four buildings totaling 621,243 square feet, is slated for completion in the summer.
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