BOSTON – Marcus Partners announced the sale of the Northeast Logistics Portfolio, a four-building warehouse/distribution portfolio located in suburban Boston, to GCP/Modlo for $173 million.
“After completing the execution of our business plan for the portfolio, we felt it was a great opportunity to deliver a strong return for our investors,” said Ryan McDonough, Principal at Marcus Partners. “Industrial remains a high-conviction investment theme for our firm. We are focused on continuing to grow our existing 3M+ square foot portfolio through a mix of cash-flowing acquisitions and ground-up development across our target markets along the Boston-Washington D.C. corridor.”
The Northeast Logistics Portfolio includes 192 Mansfield Avenue in Norton, 100 Adams Road in Clinton and 132 Campanelli Drive and 1010 West Chestnut Street in Brockton. Currently 100% leased to 11 tenants, the four buildings feature high-quality physical infrastructure and total more than 1M square feet in the Greater Boston market. A Marcus Partners affiliate first acquired the portfolio in 2018 for $83.75M.
Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen, Ed Jarosz, Tony Coskren and Brian Pinch and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group represented the seller, Marcus Partners, and procured the buyer, GCP/Modlo. Newmark Senior Financial Analyst Nick Revers provided financial analysis support.