APCA Buys 217,000-SF Complex for $17M

CANTON, MA-A 15-building flex/industrial complex here on Greater Boston’s South Shore has been acquired by the APCA Property Fund I for $17 million. The figure equates to just under $78 per sf for the 217,000-sf Neponset Valley Tech Park at 480 Neponset St., a 16-acre site adjacent to Interstate 95.

Created by Paradigm Properties of Boston and the Ashforth Co., APCA Property Fund I continues to secure new assets throughout the Northeast, including an 85,000-sf industrial building in Philadelphia whose $7.7 million purchase was previously reported by GlobeSt.com. The fund already has a substantial stake in southeastern Massachusetts, owning properties in Bellingham and Norton, plus a 70,000-sf flex/industrial building, bought for $6.7 million, as reported by GlobeSt.com.

CB Richard Ellis negotiated Neponset Valley Tech Park’s sale for the private partnership, divesting the asset and procuring the buyer on a team featuring principals Patrick Cavanagh, Gary Lemire and William Moylan and VP Matt Pullen. “We had a lot of interest,” Lemire tells GlobeSt.com, citing as one reason, a varied layout that can accommodate tenants needing just 1,000 sf, although some are in excess of 20,000 sf. The property historically maintains a high occupancy, Lemire says, and was 89% leased at the time of the sale. Operations range from distribution and light manufacturing to offices and research space. Tenants include Chemic Laboratories Inc., contractor Charles P. Blouin Inc. and Paradox London (US) LLP, a British leader in bridal shoes now expanding its footprint globally.

Superior access is another strong point of 480 Neponset St., relays Lemire. The site is a few miles from the critical junction of Route 128, I-93 and I-95, and offers close proximity to both Boston and Providence, RI, down into Connecticut. “It’s convenient to everywhere,” concurs Lemire, further describing the park as “well-maintained” and poised to benefit from a supply constrained submarket that has seen substantial flex/industrial space evaporate for alternate uses such as multifamily, office and retail. “Tenant demand is strong for that type of product,” he says. Buildings at Neponset Valley Tech Park were constructed between 1920 and 1987, and have each been renovated. Warehouse heights go up to 20 feet, and there are 871 parking spaces on the site. APCA officials were unavailable to discuss the sale as of press deadline.