Marcus Partners Acquires Four Warehouse/Distribution Properties for $85M
The 899,755-square-foot portfolio combines with Marcus Partners’ existing 1.1-million square feet of industrial product in Greater Boston to create a total industrial portfolio of 2 million square feet comprised of eight buildings.
BOSTON—Locally-based Marcus Partners has acquired a four-property industrial portfolio in Greater Boston totaling just under 900,000 square feet for $85.25 million.
The firm added the following Greater Boston properties to its portfolio: 176 Grove St. in Franklin, 326 Ballardvale St. in Wilmington, 1 First Ave. in Peabody, and 57 Littlefield Street in Avon. The 899,755-square-foot portfolio combines with Marcus Partners’ existing 1.1-million square feet of industrial product in Greater Boston to create a total industrial portfolio of 2 million square feet comprised of eight buildings.
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, Marcus Partners states in its announcement.
“Greater Boston’s warehouse/distribution sector is significantly supply-constrained relative to other parts of the country and continues to demonstrate strong tenant demand,” says 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 is based in the Financial District of Boston, with regional offices in Metro New York City and Metro Washington D.C. The firm focuses on strategic and opportunistic investment strategies across residential, industrial, biomedical, medical office, office, and mixed-use properties where it can create value and maximize risk-adjusted returns. Its current portfolio includes approximately 7.5 million square feet of commercial real estate along the East Coast.
In July, Westport, CT. Marcus Partners completed the sale of 8 & 10 Wright St., a Class A office complex in Westport, CT to WFF Westport TT, LLC for more than $30 million. The property was 94% leased and consists of two office buildings totaling 83,964 square feet.
In October 2018, Marcus Partners acquired the Northeast Logistics Portfolio that included 100 Adams Road in Clinton, MA as well as 525 Campanelli Drive and 1010 West Chestnut St., both in Brockton, MA.