A UPS-leased industrial development in Saugus developed by Hilco Redevelopment Partners was acquired by Blackstone Real Estate for $58.5 million.
American General Life Insurance provided a nearly $42 million mortgage for the transaction.
Hilco acquired the 9.4-acre property at 150 Salem Turnpike in March 2020 for $4.5 million, according to data compiled by The Warren Group, publisher of Banker & Tradesman.
In 2021, the Saugus Planning Board approved the construction of the 87,000 square-foot project. The riverfront site was previously used for auto salvage and fuel distribution, and included a new public riverwalk.
The vacancy rate in the 301.6 million square-foot Greater Boston industrial market is 8.5 percent, according to brokerage Hunneman’s midyear report.






