BOSTON– Marcus Partners announced the recent acquisition of 17 Gilmore in Sutton, Mass. The 116,823 square foot Class A warehouse building is located on 16.9 acres within the Sutton Commerce Park and is 100% leased to Advance Auto Parts (“AAP”) with a weighted average lease term of 6.5 years.
The purchase was completed at the end of June, and includes an option to expand the building by 96,000 square feet.
“This acquisition furthers Marcus Partners’ industrial investment strategy of curating a portfolio of high-quality, diversified industrial assets and pushes our growing portfolio to over 3M SF,” said Ryan McDonough, principal of Marcus Partners. “The investment provides an attractive mix of stable cash-flow with an option to expand on an existing Class-A quality building in a desirable industrial location.”
The property was built in 2003 and features 28’ clear height and a very attractive loading dock ratio. Located directly off Route 146 within the Sutton Commerce Park, an 8-building park totaling 600,000 sf, the location provides easy access to the Mass Pike, I-290 and I-190 and is within close proximity to New England’s three largest metro areas: Worcester (14 miles), Providence (25 miles), and Boston (45 miles).
Charlie Luce and John Meador of Casco Real Estate Partners facilitated the off-market transaction.
Marcus Partners and its affiliates have completed 18 warehouse/distribution acquisitions to date. The firm’s current fund invests in residential, industrial, biomedical, medical office, office, and mixed-use properties, primarily along the East Coast.