Below is a press release from Marcus Partners, a Boston-based real estate private equity firm:
WILMINGTON, MA — Marcus Partners has announced the acquisition of a strategically located 899,755 SF warehouse/distribution portfolio, including four properties:
- 176 Grove Street in Franklin
- 326 Ballardvale Street in Wilmington
- 1 First Avenue in Peabody
- 57 Littlefield Street in Avon
These four properties combines with Marcus Partners’ existing 1.1M SF of industrial product in Greater Boston to create a total industrial portfolio of 2M SF comprised of eight buildings that are complementary in terms of geography, leasing exposure, and physical product type.
The properties are well-located providing excellent access to Greater Boston’s highway systems and population centers, facilitating seamless “last-mile” distribution. Efficient layouts include generous column spacing, ample car and trailer parking, and desirable loading capacity. The size of the tenant spaces within the portfolio varies significantly, providing an ability to accommodate a broad spectrum of tenant requirements.
The 326 Ballardvale Street warehouse in Wilmington was acquired for $22.4 million on October 21, 2019.
“Greater Boston’s warehouse/distribution sector is significantly supply-constrained relative to other parts of the country and continues to demonstrate strong tenant demand,” said Ryan McDonough, Marcus Partners’ Boston Regional Director. “This strategic purchase expands our presence and provides an attractive balance of secure in-place cash flow with an opportunity to pursue multiple value-add strategies; most notably through the development of excess land.”
Marcus Partners and its affiliates have completed 12 warehouse/distribution acquisitions to date. The firm’s current fund invests in office, medical office, research and development, multifamily, warehouse, and industrial properties, primarily along the East Coast.
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