CBRE Sells Two Separate Industrial Buildings to NorthBridge Partners for $18.72 Million

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Boston, MA – CBRE announced oday the sale of 5 Beeman Road in Northborough for $9,500,000, and 1120 and 1150 West Chestnut Street in Brockton to NorthBridge Partners for $1,450,000 and $7,775,000, respectively.

For the sale of 5 Beeman Road, CBRE Capital Markets’ Scott Dragos, Doug Jacoby, Chris Skeffington, Roy Sandeman, Anthony Hayes, Timothy Mulhall and Daniel Hines, based in Boston, represented the seller, Ferris Development Group. For the sale of 1120 & 1150 West Chestnut Street, the above-mentioned team represented the sellers, CIP 1120 Realty LLC and MA Industrial Brockton, LLC both managed by Condyne. In both sales, CBRE procured the buyer, NorthBridge Partners.

“The CBRE team, along with both Condyne and Ferris Development Group, were a pleasure to work with, and we are thrilled to add these industrial properties to our portfolio,” stated NorthBridge Partners’ Brian Orr. “These investments epitomize what NorthBridge targets: well-located industrial real estate assets that play a strategic role in the omni channel supply chain.

“The purchase of the two assets represents a fantastic opportunity for NorthBridge Partners to expand their Greater Boston industrial portfolio,” stated CBRE’s Sandeman. “We are extremely grateful to have represented Ferris Development Group and Condyne in the two transactions, and we are delighted to see the Greater Boston industrial market continue to thrive.”

5 Beeman Road is a 55,515 sq. ft. warehouse building located in Northborough, Massachusetts. Built in 2003, with an extension added in 2011, the property is 100 percent leased and boasts 56’ clear height throughout the warehouse. Located within two miles of Route 20, Interstate 495 and Route 9, the property provides outstanding regional accessibility to New England’s major highway systems and major population centers including Boston, Providence and Worcester.

1150 West Chestnut is located in Brockton, Massachusetts, and is a 100,100 sq. ft. high-bay warehouse facility that is 89 percent leased to two tenants. 1120 West Chestnut Street is an abutting 1.7-acre lot that is currently fully leased for truck and vehicle parking, supporting the tenant’s operation next door. Centrally located between Interstates 93, 95, and 495, 1120 & 1150 West Chestnut Street offers easy access to the region’s chief populations centers, including Boston and Providence.