BOSTON-Locally-based The Davis Companies has acquired a 1.1-million-square-foot portfolio in Dedham and Worcester whose tenants include Bank of America, the American Red Cross and Beth Israel Deaconess Medical Center.
Davis acquired the properties on behalf of one of its affiliated funds. No purchase price for the properties or the identity of the seller was revealed.
Davis purchased 100 Rustcraft Road in Dedham, a 493,000 square foot complex with a combination of high-bay warehouse and single-story office/R&D space. The property is currently 59% leased. Major tenants include The American Red Cross, Bank of America and Beth Israel Deaconess Medical Center.
The company states that it plans to invest “significant capital” into the property to improve and lease-up the remaining vacancy at the property.
150 Blackstone River Road in Worcester is a single-story, 612,000 square foot building. The property is 48% leased.
Jonathan Davis, CEO of The Davis Companies, says of the additions to the company’s 10-million-square-foot portfolio, “We have been targeting opportunities to acquire well located properties in Greater Boston, which are underperforming. We acquired the properties well below replacement cost, and our plan is to undertake a capital improvement program to reposition and lease-up the vacant space at highly attractive rental rates.”