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Griffith Properties has acquired a five-building industrial portfolio on the outskirts of Boston for $76 million.

The 22-acre Boston Dedham Commerce Park contains 632,188 square feet of industrial space in five buildings at 65 Sprague St.

Dune Real Estate Partners of New York is a joint venture partner on the acquisition from First Highland Management of Hyde Park, which owned the property for 21 years and is developing the 300,000-square-foot Readville Yard 5 project on an adjacent property at 8 Industrial Drive.

Newmark Knight Frank’s capital markets team represented the seller and Boston-based Griffith Properties in the transaction. Industrial properties in Greater Boston have posted more than 2 million square feet of positive absorption in 2020, according to NKF research, amid growing demand for warehouse space from e-commerce and last-mile distribution space tenants.

Griffith Properties Buys Industrial Park for $76M

by Banker & Tradesman time to read: 1 min
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