Marcus Partners Sells 1.2 MSF Boston Portfolio for $167M
CBRE negotiated the deal on behalf of the seller and procured the buyer.
Marcus Partners has sold a six-building, 1.2 million-square-foot industrial portfolio in the Greater Boston area for $167 million. CBRE negotiated the deal on behalf of the seller and procured the buyer, Westbrook Partners, the Boston Business Journal first reported.
Marcus Partners assembled the property collection, called the Boston Metro Logistics portfolio, through a series of acquisitions between 2019 and 2021. During its ownership, the company enhanced the value of the assets through leasing, ground-up developments, renovations and cosmetic improvements.
A Greater Boston portfolio
The Boston Metro Logistics portfolio is composed of:
- A 169,986-square-foot, Class A, one-story building at 176 Grove St., in Franklin, Mass.
- A 150,000-square-foot, Class A building at 206 Grove St., in Franklin, Mass., completed in 2022.
- A 165,000-square-foot, Class B manufacturing facility located 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 includes XPO Logistics, Georgia-Pacific Corp., Waters Corp., Source International Corp., Spire and S.G. Torrice Co., among others, CommercialEdge data shows.
The three Franklin properties feature 26-, 36- and 19-foot clear heights, truck courts, loading doors, dock levelers and bumpers, ESFR sprinkler systems, sky lights and a total of 317 vehicle parking spots. The other three buildings include 16- to 25-foot clear heights, loading doors, dock bumpers and levelers, truck courts, HVAC climate systems and a total of 363 vehicle parking spots, the same source shows.
READ ALSO: Expanding Into Industrial: Diversifying for Long-Term Success
The three Franklin properties are located near Interstate 495, covering a combined 45.9 acres, 36 miles from Worcester, Mass., 42 miles from Boston and within 45 miles of Boston Logan International Airport. The Sutton and Avon buildings are within 58 miles from each other, while the Peabody asset is situated 15 miles from downtown Boston. The CBRE team led by Executive Vice Presidents Scott Dragos and Chris Skeffington, along with Senior Vice President Roy Sandeman assisted the seller and procured the new owner.
National in-place rents for industrial space recorded a 7.4 percent year-over-year increase as of June, a recent CommercialEdge report shows. As port markets continue to witness the most significant growth, Boston in-place rents rose by 10.3 percent, followed by New Jersey (8.8 percent) and Bridgeport (8.5 percent).
