Photo courtesy of Rockpoint Group

Developers sold an Uxbridge distribution center that was completed in mid-2023 for $120 million to Boston-based Rockpoint Group.

The 607,486-square-foot distribution and warehouse project at 40 Lackey Dam Road was built on speculation and completed in mid-2023 on a 70-acre site.

New York-based Forethought Life Insurance Co. provided a $75.1 million mortgage for the transaction.

“Greater Boston has experienced consistent industrial rent growth, driven by strong demand for preeminent space and a range of factors limiting the production of new supply, including a limited number of suitable, well-located sites,”  Rockpoint Senior Managing Director Fred Borges said in a statement.

The property’s development partnership, Scannell Properties of Indianapolis and Dallas-based Crow Holdings Capital, leased 444,413 square feet to Richmond, Virginia-based McKesson Medical Surgical in November 2023.

The purchase price equates to nearly $198 per square foot.

The project received $57.6 million in construction financing from Chicago-based BMO Harris Bank in August 2022.

Greater Boston’s industrial market had a vacancy rate of 7.5 percent at the end of 2024, with nearly 97,000 square feet of negative absorption, according to a CBRE research report.