A Denver investor that specializes in industrial acquisitions has acquired a pair of suburban Boston properties for $37.25 million.
Black Creek Group acquired 290 Beaver St. in Franklin and 125 Water St. in Danvers from Arris Partners. The 205,324-square-foot portfolio is 100 percent leased, and tenants have staggered lease terms running as late as 2040. The Franklin property is leased to Panera Bread and JNJ Industries. The 125 Water St. tenants are Lansing Building Products and McCue Corp.
The transaction attracted offers from a large number of local and institutional bidders, according to a statement from Arris Partners Co-founder John Garofalo.
Avison Young’s Scott Jamieson and Brandon Dickason represented the seller and procured the buyer.
“The buyer recognized the long-term cash flow and upside that the portfolio presented being 100 percent leased to a diverse roster of quality triple-net tenants at below-market rents,” Dickason said in a statement.
Black Creek, which was acquired by Ares Management Corp. in July, had approximately $11.6 billion in assets under management as of March 31.