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An investment platform established by Blackstone Real Estate in 2019 to tap into the growth of e-commerce facilities has acquired a pair of Amazon-leased properties in Northborough for $153.5 million.
The facilities at 330 and 350 Bartlett St. span 600,000 square feet and are fully leased by Amazon as a “middle-mile” sorting center serving the New England region, according to Colliers International.
The sales price paid by Blackstone’s Link Logistics arm represents a record low capitalization rate for a stabilized industrial property, Colliers said.
“The key to driving value for the seller was our ability to turn the relatively short-term lease into a positive attribute for the buyer. Our deep understanding of market dynamics provided strong rationale and credibility for value-upside through rent growth,” Colliers Managing Director Frank Petz said in a statement.
Burlington-based Gutierrez Cos. and TA Realty broke ground on the speculative high-bay facility in 2019 and completed construction in November 2020.
