5 Beeman Road, Northborough. Photo courtesy of the town of Northborough.

A group of industrial buildings in Boston’s suburbs has sold to a real estate investment firm for $18.7 million.

The sale covered three properties: 5 Beeman Road in Northborough, which sold for $9.5 million; and 1120 and 1150 West Chestnut St. in Brockton, which sold for $1.45 million and $7.77 million, respectively. The Northborough property was owned by Marlborough-based Ferris Development Group, while LLCs managed by Braintree-based Condyne Capital Partners owned the latter two. Wakefield-based NorthBridge Partners was the buyer in both transactions. CBRE Capital Markets’ Scott Dragos, Doug Jacoby, Chris Skeffington, Roy Sandeman, Anthony Hayes, Timothy Mulhall and Daniel Hines, based in Boston, represented the sellers and procured the buyer.

The Northborough property is a 55,515-square-foot warehouse built in 2003, with an extension added in 2011. The property is 100 percent leased and boasts 56-foot clear heights throughout the warehouse. The property is located within 2 miles of Route 20, Interstate 495 and Route 9.

The adjoining Brockton properties are a 100,100-square-foot, high-bay warehouse facility that is 89 percent leased to two tenants and a 1.7-acre lot that is currently fully leased for truck and vehicle parking, supporting the tenant’s operation next door. The property is centrally located between I-93, -95, and -495.

“These investments epitomize what NorthBridge targets: well-located industrial real estate assets that play a strategic role in the omnichannel supply chain,” NorthBridge Partners’ Brian Orr said in a statement.

Investment Firm Buys Industrial Properties for $18.7M

by Banker & Tradesman time to read: 1 min
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