BOSTON – Avison Young announced that it has arranged the sale of a two-building industrial portfolio in the Greater Boston Area for $37.25 million. The 205,324 -square-foot (sf) portfolio includes 290 Beaver Street in Franklin, MA, and 125 Water Street in Danvers, MA, both of which are 100% leased.
Avison Young’s Boston-based Principal Scott Jamieson and Vice President Brandon Dickason, who are both in the Capital Markets group, represented the seller, Arris Partners, LLC in addition to procuring the buyer, Black Creek Group.
“The sale process for the portfolio was highly competitive given the strong demand in the region for well-located industrial properties,” said Dickason. “The buyer recognized the long-term cash flow and upside that the portfolio presented being 100% leased to a diverse roster of quality triple-net tenants at below-market rents.”
Located at 290 Beaver Street in Franklin, MA and 125 Water Street in Danvers, MA, both properties are situated in robust industrial submarkets that benefit from low vacancy, strong rental growth, and direct access to some of the region’s top talent pools. Tenants at 290 Beaver Street include Panera Bread and JNJ Industries while 125 Water Street is occupied by Lansing Building Products and McCue Corporation. The two-building portfolio offers accessibility to some of the region’s most heavily traveled interstates and thoroughfares including the Massachusetts Turnpike, Interstate 95, Interstate 93, and Interstate 495 among others.
“Avison Young ran a streamlined yet robust marketing process that resulted in a high number of very qualified offers from both local and institutional buyers,” said John Garofalo at Arris Partners, LLC. “Investors were attracted to the geographically diverse positioning of the properties and the stable cash flow from the current in-place leases, which have staggered expirations extending to 2040.”