Malden, Mass– DH Property Holdings, LLC announced its acquisition of a development site in Malden, Massachusetts. The fully entitled, five-acre industrial zoned property will soon be developed into a 94,095-square-foot, Class-A industrial facility in a joint venture with local developer Pugh Management.
Demolition and construction are set to commence in May on the fully entitled development site.
The Newmark team of Brian Pinch, Tony Coskren, Ed Jarosz, Rick Schuhwerk, Matt Pullen, Samantha Hallowell, Jim Tribble was involved in the sale of the transaction.
Located at 735 Broadway, the site is DHPH’s third industrial acquisition in Boston with a total capitalization of $107 million across 362,000 square feet of space. The property is the first asset acquisition from the firm’s newly launched DHPH IDF I LP.
Once developed, the facility will support 23 dock doors and a drive-in. It will also have 32-foot clear ceiling heights and parking space for 107 vehicles. The site is located seven miles from Downtown Boston as well as Boston Logan Airport and has direct access to US-1 and US-99.
“The demand for logistics space in the Boston region has continued to accelerate amid limited supply and rising rental rates,” said DHPH Founding Principal Dov Hertz. “This is an ideal location, and our team of design and development professionals will deliver a state-of-the-art facility to support tenants seeking to accommodate their customers’ distribution needs.”
In addition to its existing properties, DHPH currently has over 5 million square feet, or over $2.5 billion, of Class-A urban warehouses complete or under development throughout the Northeast, including in New York City, Boston and Philadelphia.