Boston – CBRE announced it has arranged the sale of a six-building industrial portfolio (“Partners Industrial Portfolio”) in suburban Massachusetts. New York City-based Link Logistics Real Estate acquired the assets, which total 802,194 sq. ft., for $175 million.
The CBRE team of Scott Dragos, Doug Jacoby, Chris Skeffington, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines spearheaded the marketing campaign and arranged the sale on behalf of the seller, AEW Capital Management.
At the time of sale, the Partners Industrial Portfolio was 100 percent leased to a diversified roster of eight tenants with 36.2% below market rents and a weighted average remaining lease term of 6.31 years. The portfolio’s geographic diversity throughout Greater Boston provides direct access to the region’s most traveled interstates and thoroughfares including Interstate 90 (Massachusetts Turnpike), Interstate 95, Interstate 93, and Interstate 495, among others.
“The Boston industrial market continues to hit on all cylinders with record-setting leasing fundamentals acting as a magnet for some of the nation’s largest capital sources,” said Skeffington. “The team at AEW Capital Management was successful in identifying the underlying market trends years ago, aggregating a scalable portfolio, and capitalizing on what is an extremely aggressive and liquid capital markets environment presently in Boston.”
The portfolio is comprised of 12 Forge Parkway, Franklin, MA; 150 Dascomb Road, Andover, MA; 25 Industrial Way, Wilmington, MA; 65 Sunnyslope Avenue, Tewksbury, MA; 82 South Street, Hopkinton, MA; and 19 Technology Drive, Auburn, MA.