Boston– On behalf of Guggenheim Real Estate, CBRE/New England announced the sale of 190 Mechanic Street, a 210,700 SF warehouse/distribution facility located in Bellingham, MA, for $25.1 million.
CBRE/NE Capital Markets experts Chris Skeffington, John Lashar and Roy Sandeman represented the seller, Guggenheim Real Estate, and procured the buyer, TH Real Estate.
TH Real Estate, an affiliate of Nuveen (investment management arm of TIAA), purchased the 100%-leased, institutional-quality asset to expand its industrial and logistics holdings outside leading urban centers such as Boston. TH Real Estate manages approximately $11 billion of institutional-quality industrial properties across all of the major distribution markets in Europe, the U.K. and U.S. The bulk of its properties are distribution warehouses, flex properties and short-haul local distribution assets comprised of more than 100 properties in the U.S.
“We are absolutely delighted to have represented Guggenheim Real Estate on this transaction,” stated CBRE/NE’s Skeffington. “TH Real Estate has acquired one of the highest quality industrial assets in Greater Boston.”
“With Central National Gottesman in place for another 6+ years, TH Real Estate has purchased the ultimate trifecta: a true best-in-class asset, with durable cash flow and a credit-tenant anchor,” CBRE/NE’s Sandeman added. “Both Guggenheim and TH Real Estate were a pleasure to work with and executed flawlessly.”
190 Mechanic Street was built in 2006 and boasts best-in-class features such as 32’ clear height, ESFR sprinkler system, T5 motion-sensor lighting, a 1.3/10,000 SF loading dock ratio, 40’ x 40’ column spacing and additional trailer parking. The building is 100% leased to three tenants with a weighted average lease term of almost five years at the time of sale. Located on Route 140 and within two miles of Interstate 495 at Exit 17, the property provides outstanding regional accessibility to all New England’s highways systems and major population centers including Boston, Providence, Worcester and Hartford, as well as proximity to Forge Park Commuter Rail Station.