BOSTON– Transwestern Consulting Group (TCG) brokered the $11.7 million sale of 960 Massachusetts Ave. and 100 Newmarket St. in Boston. The 2.77-acre site was purchased by a partnership between National Development and Charles River Realty Investors from 960 Massachusetts Avenue Limited Partnership.
The integrated TCG transaction team of Michael Joyce, Chris Skeffington, Rob Byrne, Roy Sandeman and Joe Olin represented the seller and sourced the buyer. The firm has been retained by the new ownership to provide leasing services for the buildings.
“The property’s proximity to all the neighborhoods in Boston as well as its easy access to the Massachusetts Turnpike and Interstate 93 enable building ownership to take advantage of the critical ‘last-mile logistics’ trends within the e-commerce supply chain,” said Skeffington. “Industrial facilities located within dense population centers have never been more in-demand than in the current market. This is a well-timed, strong acquisition of a leading urban industrial property in Boston.”
960 Massachusetts Ave. and 100 Newmarket St. are located within Boston’s Newmarket Square Development District. Situated adjacent to the 1.2 million-square-foot, mixed-use development at South Bay Center, the buildings are minutes from downtown Boston and the region’s major highways and within walking distance of the Commuter Rail and MBTA Red Line. The site is zoned for a variety of uses, including warehouse/distribution, manufacturing, research and development, retail, creative office and laboratory use, with the development potential of 240,000 square feet.
960 Massachusetts Ave. has seven tenants and is 84 percent occupied, while 100 Newmarket St. is currently fully leased to a single tenant. Boston’s industrial market is extremely tight, according to research from TCG. The urban and inner suburban market consists of 4.5 million square feet of industrial space with only 3.6 percent vacancy, as of the close of second quarter 2017. Since 2001, the market’s inventory has dropped by 57.6 percent.
For over 25 years, National Development has been one of the most active development firms in Massachusetts. Specializing in mixed-use, retail, multi-family, commercial and senior housing projects, National Development and its affiliates have developed over 25 million square feet of space.
Charles River Realty Investors LLC is a real estate investment firm that employs the extensive operating and investment experience of its team to make value-added real estate investments on behalf of its institutional clients. The firm and its principals have successfully acquired and/or developed over 28 million square feet of real estate with a value of over $4 billion.