Boston– CBRE Boston Capital Markets announced it has completed the $74.5 million sale of The Town Industrial Portfolio, a three-building complex totaling 110,898 sq. ft. in Charlestown, MA.
The Related Companies acquired the portfolio that includes 6 Bunker Hill Industrial Park, 420 Rutherford Avenue, and 440 Rutherford Avenue.
The CBRE team of Scott Dragos, Chris Skeffington, Doug Jacoby, Tony Hayes, Tim Mulhall, Roy Sandeman and Dan Hines spearheaded the marketing campaign and arranged the sale on behalf of the seller, Center Court.
“We are excited with all the possibilities available to the new ownership of this excellent portfolio of buildings consisting of industrial, flex and R&D space,” said Dragos. “Not only do the properties offer top-tier specifications, but the infill location is also ideal for future redevelopment.”
Situated on 4.37 acres of land in a prime infill location within the city limits of Boston, The Town Industrial Portfolio is located directly off Rutherford Avenue and within minutes of Interstate 93, Route 1 and Interstate 90 (Massachusetts Turnpike), providing easy access to all neighborhoods throughout the city as well as the Greater Boston area.
The property at 6 Bunker Hill consists of 21,586 sq. ft. of space boasting 28’ clear ceiling heights and 30’ x 30’ column spacing, making it extremely functional for today’s demanding industrial tenants. The property currently houses The Broad Institute, a biomedical and genomic research center affiliated with MIT and Harvard. The properties at 420 Rutherford and 440 Rutherford are located on an abutting 3.84-acre parcel. The two buildings total 89,403 sq. ft. of flex and self-storage space. 420 Rutherford is currently a self-storage facility operated by Cube Smart, totaling 617 interior storage units and 28 exterior storage containers located on the northwest corner of the property. 440 Rutherford is a Class A quality flex/R&D property that is fully leased. It has been meticulously maintained by ownership and competes with only a select few buildings in the Greater Boston area.