WAYLAND, MA- R.W. Holmes, one of the largest commercial brokerage firms serving tenants and landlords in Massachusetts for more than 45 years, announced that it has negotiated the sale of an 11.6-acre industrial zoned site at 40 Commerce Way in Tewksbury, MA, to Rhino Capital Advisors.
Rhino Capital is expected to begin construction in late Q1 of 2023 on a 65,800-square-foot industrial/warehouse building with over 32’ clear height, ten loading docks, and up to 2,500 amps of electrical service.
The property, located at 40 Commerce Way, was sold by Atlantic Management for $2.4 million, with R.W. Holmes representing the owner and procuring Rhino Capital Advisors as the buyer.
Headed by Managing Principal Michael Olson, Rhino Capital is a privately held, Boston-based owner-operator and developer whose investment strategy is aimed at off-market value-add industrial, flex, and multi-family assets in Greater Boston. To date, Rhino Capital has acquired/developed more than $615 million of real estate assets and currently has more than 1.3 million square feet under management.
Michael Ogasapian, Vice President at R.W. Holmes, said about this sale: “When we began marketing the land site for Atlantic Management, we knew Michael and his team at Rhino were the perfect fit to understand the market and work through permitting for a spec industrial project. Rhino will deliver a best-in-class building that will get the attention of many users in the market, so we are excited to handle the leasing.”
