(Read more on the industrial market.)

PEABODY, MA-Continuing to assemble a portfolio of industrial buildings for divestment to institutional buyers, Paradigm Properties has secured another building at One First Ave., company officials tell GlobeSt.com. The 134,000-sf warehouse in this suburban community north of Boston is fully leased to three occupants, Paradigm principal Steve Allison explains.

“It’s a stable property that performs well in the market,” says Allison, whose firm paid $7.8 million, or about $58 per sf. The lead tenant occupies 85,000 sf and has seven years of term left. The other occupants are in place for a shorter stretch, allowing for both guaranteed cash flow and the opportunity to increase net operating income, says Allison, whose Boston-based firm has now completed three industrial deals this year.

“We are actively looking for more product, especially industrial,” relays Allison, whose company expects to sell the properties once they exceed the $100-million threshold considered minimal to attract institutional capital. Paradigm is looking not just in Massachusetts, but down the Eastern seaboard to Philadelphia as well, he adds, and is also willing to consider flex-oriented industrial product in addition to the warehouse offerings such as that in Peabody.

Paradigm is always prepared to invest in product beyond industrial, says Allison, having assembled a significant roster of office buildings during a 10-year run in Massachusetts. The firm has used varying types of capital, including tenant-in-common funds, but Allison says he believes the firm’s local expertise can help institutional money consider opportunities that might otherwise be too small or complicated for them to chase. “We think it’s a strategy that makes a lot of sense,” he says.

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