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Last-Mile Developer Buys Chelsea Parcels for $95M

By Steve Adams | Banker & Tradesman Staff | Jun 18, 2021 | Reprints | Unlock Link

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Image courtesy of Chelsea assessors

A developer that specializes in last-mile distribution facilities has paid over $95 million for a pair of Chelsea properties spanning over 16 acres.

Wakefield-based NorthBridge Partners acquired the 15-acre 2 Griffin Way, which contains a 115,932-square-foot office building whose tenants include the Massachusetts Water Resources Authority, and an 82,200-square-foot industrial building.

The 1.3-acre 25 Griffin Way includes a 25,258-square-foot industrial building. The sellers were The Weco Group for 25 Griffin Way and Wilmington-based Howland Development for 2 Griffin Way.

NorthBridge was not available for comment. According to the company’s web site, it seeks to acquire industrial properties close to urban centers for last-mile delivery stations, and sources 75 percent of its fund investments through off-market transactions.

B&T Daily