The Interstate 495 corridor, particularly the MetroWest area, has become attractive for investors and developers looking to maximize their returns as office and lab uses out-compete multifamily projects on rents. Two recent sales are no exception.
Marcus Partners has nearly doubled its industrial real estate portfolio with the $85.25 million acquisition of four suburban Boston properties totaling nearly 900,000 square feet.
A portfolio of three industrial properties on the outskirts of Greater Boston has sold for $43.3 million.
Industrial development is ramping up to the highest levels seen in the current real estate cycle, driven by a group of large speculative projects designed to satisfy shifting shopping patterns and the Massachusetts building industry’s demand for storage space.
The idea that 495 has become a low-cost alternative for homebuyers and businesses is great spin. But the gulf in prices points a grittier reason for the shift: Discouraged by increasingly grueling commutes, buyers are simply bypassing the outer suburbs in favor of communities closer to Cambridge and Boston.
A handful of the marijuana businesses granted provisional licenses have informed the Cannabis Control Commission they are ready to be inspected, one of the final steps before retail sales of marijuana, approved by voters almost two years ago, can begin.
Freedom Credit Union of Springfield has agreed to merge with West Springfield Federal Credit Union. Pending regulatory and member approvals, the merger should be completed by the end of the year, Freedom Credit Union said in a statement.
New England Treatment Access, Inc. (NETA) has expanded and continued their lease of 5 Forge Parkway in Franklin.
