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NORTHBOROUGH, MA-The sprawling I-290 Industrial Park is being acquired by Boston-based Cabot Properties, industry sources are telling GlobeSt.com. The six-building, 577,000-sf business park has been owned by RREEF Funds since 2001.

“It is under agreement,” concurs one source close to the deal, although that industry professional and others stress that a closing remains in the distance, likely at least a month away, as Cabot performs due diligence on the property. The sale, being orchestrated by Jones Lang LaSalle’s capital markets team, is occurring in one of the shakiest capital climates seen this decade, a tempest that has led to several prominent transactions cratering in the final stages. “There is still a lot of work to do,” accedes the source of the negotiations.

At this juncture, none of the parties involved are discussing the situation, with Cabot and JLL both declining comment, citing confidentiality agreements. Cabot certainly would seem to have the financial wherewithal to complete the purchase. The firm’s website details a $1.3 billion fund targeting industrial product type that has a focus on major North American markets.

The I-290 Industrial Park would seem to fit into Cabot’s acquisition criteria, described on the website as preferring industrial parks from five to 75 acres and 50,000 to 500,000 sf per building, with clear ceiling heights from 14 to 36 feet, depending on the function. Constructed between 1975 and 1980, the six buildings at I-290 Industrial Park range from 46,000 to 112,000 sf and have average clear heights of 22 feet. The property is 90% leased to 11 tenants including Netflix, Pennzoil and Shaw’s Supermarkets.

In marketing I-290 Industrial Park, JLL termed the asset an “institutional-quality industrial park in an improving location.” The park abuts its namesake, Interstate 290, a major arterial accessing Worcester and points south and west of Boston. The property is within 10 miles of I-495 and the Massachusetts Turnpike as well, providing “excellent access throughout New England,” according to JLL. The broker also cites RREEF’s stewardship of the park as another lure for investors, with capital improvements leading to the high occupancy levels and robust leasing activity that has just two available spaces in the park at the time it was offered for sale.

Sources could not supply an accurate sales figure for I-290 Industrial Park, which was put on the market minus an asking price. Observers, however, predict the complex will trade substantially higher than the $31-million spent by RREEF.

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