Wilmington, MA – CBRE announced the sale of a premier industrial portfolio comprised of eight buildings in Wilmington, Massachusetts. A joint venture between Boston-based Oliver Street Capital and Bain Capital Real Estate acquired the assets, totaling 687,000 sq. ft., for $154 million.
The veteran CBRE team of Scott Dragos, Doug Jacoby, Chris Skeffington, Tony Hayes, Tim Mulhall, Roy Sandeman and Daniel Hines represented I. Fred Dicenso Trust , LLC in the marketing and sale negotiations.
“Boston is a target market on all investors’ radar right now, and it’s not very often a true infill industrial cluster becomes available,” noted CBRE Executive Vice President Scott Dragos. “What this portfolio uniquely offered was its scale, location, proximity to I-93 and the mark to market opportunities. I. Fred DiCenso Trust did everything right over the years by maintaining such high quality standards and developing and managing the assets, which resulted in an extremely competitive sales process.”
The portfolio, spread across more than 49-acres, is currently 96% leased to 27 tenants. Notable tenants include Crate & Barrel, Energy Sciences, 3Step Sports and Altro USA, Inc., among others.
The Boston Infill Industrial Portfolio includes: 21, 42, 65 and 80 Industrial Way; 42 and 80 Rear Industrial Way; 1 Progress Way; and 844 Woburn Street.