431 Washington St. in Franklin. Image courtesy of CBRE.
A portfolio of three industrial properties on the outskirts of Greater Boston has sold for $43.3 million.
San Francisco-based real estate investment firm Berkeley Partners was the buyer. The firm serves institutional investors and focuses on light industrial spaces.
The properties are:
- 417 South St. in Marlborough is a 145,600-square-foot, first class warehouse/flex building that is 87 percent leased to seven tenants. Constructed in 2012, the property offers 20-foot clear heights, ample loading/parking and expansion potential. The building is conveniently located within 3 miles of Interstates 495, 290 and 90.
- 385 Myles Standish Blvd. in Taunton is a 139,500-square-foot, class A warehouse/flex building that is fully leased to Verizon New England. The building boasts a 28-foot clear heights and has been home to Verizon for over 24 years, serving as a mission-critical call center, customer support center and security monitoring facility. The building is in the 809-acre Myles Standish Industrial Park, which houses over 100 companies with 7,400 employees and provides easy access to I-495, Interstate 95 and Route 24.
- 431 Washington St, in Franklin is a 242,252-square-foot building that consists of a 65,000-square-foot high-bay warehouse space fully leased to Champagne Logistics and a 177,252-square-foot flex space fully leased to Marsh USA Inc. 431 Washington Street is proximate to both Forge and Franklin Industrial Parks, enabling the property to benefit from strong corporate tenancy and as well as accessibility via I-495 and I-95.
The I-495 corridor is attracting significant interest from investors and spec developers.
For the sale of 417 South St., CBRE’s Boston Capital Markets team represented the seller, Calare Properties, and procured the buyer for the sale of 385 Myles Standish Blvd. and 431 Washington St., CBRE’s Boston Capital Markets team represented the seller, GFI Partners, and procured the buyer.
“With these acquisitions, Berkeley Partners has added three first class, cash-flowing industrial properties to its already diversified and growing portfolio,” CBRE Capital Markets team Executive Vice President Scott Dragos said in a statement. “In both transactions, Berkeley executed flawlessly.”
“We are very pleased to have completed these acquisitions,” Berkeley Partners’ Andrew Holmberg said in a statement. “In a short time frame, we have expanded our Boston portfolio to nearly 1 million square feet. CBRE’s Boston team made these transactions seamless, and we look forward to doing more with them as we continue to build our Northeast portfolio.”
