BUSINESS BRIEF: Four Industrial Buildings On Ballardvale Street Sell For $55 Million

Below is a press release from CBRE:

WILMINGTON, MA — CBRE recently announced it has arranged the sale of the 93 North Industrial Portfolio, a four-building, 255,678 sq. ft. package consisting of 220, 230, 234 and 240 Ballardvale Street in Wilmington, Massachusetts. Carlisle Capital, which has owned the portfolio for more than 20 years, sold the properties to Oliver Street Capital in a joint venture with Bain Capital Real Estate for $55,075,000.

The CBRE team of Scott Dragos, Chris Skeffington, Doug Jacoby, Tim Mulhall, Tony Hayes, Roy Sandeman and Daniel Hines represented both the buyer and the seller in the transaction.

“Carlisle Capital has a long history of outstanding management of the 93 North Portfolio over their 20 plus years of ownership, and the bidding process was very competitive,” said Executive Vice President Scott Dragos. “The assets were perfectly positioned to capitalize on the rising demand for industrial space in the greater Boston region. There is no doubt that the business plan the new owners have envisioned will ensure success at these properties for years to come.”

The portfolio is located in the Metro North market, one of hottest industrial markets in the greater Boston area. Vacancy rates have dropped and rents have dramatically increased for similar space in the immediate area, making it very attractive for investors in today’s market.

Currently, the portfolio is 88% percent occupied to an array of tenants including Bimbo Bakeries, Aramark, and Tesla among others.

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