High Street Equity Takes its First Bay State Industrial Property

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NORTH READING, MA-A Boston-based investment fund has made its fifth acquisition this year with the $7.8-million purchase of a 92,000-sf fully leased industrial warehouse here. The acquisition marked High Street Equity Advisors first foray into the Massachusetts market.

The investment group, which will hold the acquisition in its $250-million High Street Real Estate Fund I, picked up the property, located at 200 River Park Dr. along Interstate 93, after outbidding “at least a dozen” other investors, Ben Coues, senior vice president of High Street, tells GlobeSt.com. He notes that the investment group was driven to bid on the building because of its modern warehouse distribution capacity, its location about 15 miles north of Downtown Boston and its creditworthy tenant.

The building, which was on the market for only a month, is fully leased through January 2009 to Lindenmeyr Munroe, an independent fine-paper merchant that had the industrial warehouse built in 1997. “The location of this property along with its current occupancy and the long-term lease in place made this a very attractive investment for High Street,” adds Coues, noting that the group’s investment strategy focuses on acquiring properties with strong leasing characteristics that allow for an immediate return of income.

Earlier this year, the firm purchased four other industrial properties throughout the Mid-Atlantic region and currently holds investments in Pennsylvania, Ohio and New Jersey. Among its portfolio are 15 industrial, office and flex properties with future acquisitions planned.