CHELSEA, MA-The shopping spree continues for AMB Property Corp. as it picks up another Boston-area building for its portfolio with the $8-million acquisition of a 60,000-sf air freight cargo complex. The fully leased property is near Boston's Logan International Airport.
The complex, set on 3.3 acres of prime industrial land here, was the second Boston area acquisition for the San Francisco-based global development firm and industrial property owner in the past few weeks. The firm also recently picked up a 65,000-sf distribution and office building in Stoughton for $4.5 million, as GlobeSt.com reported last week.
In its latest Boston buy, AMB got a facility with three top name tenants, Federal Express, Kamino International Transport and Exel Supply Chain Solutions. Several smaller tenants also hold leases at the 150 Eastern Ave. complex.
Philip Burgess, with Burgess Properties of Malden who put out feelers to AMB once he heard the complex was up for grabs, tells GlobeSt.com that the acquisition now gives the new owners prime cargo facilities on both sides of Boston Harbor. The company also owns the Black Falcon Cruise Terminal in South Boston.He brought the deal to AMB after realizing the company has relationships with several tenants at the complex. "I felt from the start they were the best buyer," he says, noting that the property never made it to the open market when AMB made its offer to seller O'Brien Realty Trust, owners of Eagle Air Freight in Chelsea.
AMB declined to comment on the acquisition, saying its policy is to announce all acquisitions at its quarterly earnings conference, scheduled for Oct. 11. At that time, AMB also is expected to announce the recent acquisition of 75 Campanelli Parkway in Stoughton. The distribution and office building, located in the Campanelli Industrial Park, is fully leased for the long term to Office Max which uses it as a distribution and warehouse facility.
AMB also holds title to 4.8 million sf of property in Boston, Braintree, Stoughton, Mansfield, Foxborough and Somerville.
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