Marcus Partners Sells Boston Metro Logistics Portfolio For $167M
Six-Building Grouping Totals More Than 1M Square Feet
Marcus Partners, a real estate investment, management and development firm, today announced the sale of their Boston Metro Logistics Portfolio, a six-building warehouse/distribution portfolio located in Greater Boston for $167M. The sale includes 176, 206 and 210 Grove Street in Franklin, 17 Gilmore in Sutton, 1 First Avenue in Peabody, and 57 Littlefield Street in Avon, MA.
“Our firm’s ability to create value through multiple channels - leasing, ground-up development, and renovation of existing assets within the portfolio - resulted in the delivery of a strong return for our investors in the face of a challenging capital markets environment,” said Ryan McDonough, Co-Chief Investment Officer at Marcus Partners.
Marcus Partners assembled the portfolio through a series of transactions between 2019-2021. It included the development of a 150,000 square foot, Class A industrial facility at 206 Grove Street in Franklin that has been fully leased to a multinational shipping & receiving and supply chain management company on a long-term basis. And, in collaboration with local officials, Marcus Partners funded an effort to secure a $2.2 million MassWorks grant that will fund significant roadway improvements for the Town of Franklin.
The development site was created by combining land area from two adjacent properties (210 and 176 Grove Street) that were acquired through separate transactions.
CBRE Executive Vice Presidents Chris Skeffington and Scott Dragos, and Senior Vice President Roy Sandeman of the firm’s Boston Capital Markets Group represented the seller, Marcus Partners, and procured the buyer.
About Marcus Partners
Marcus Partners is a vertically integrated real estate firm with a strong history of successful investment, management and development. The firm is headquartered in Boston, with regional offices in Metro New York and the Mid-Atlantic. The firm focuses on strategic and opportunistic investment strategies across industrial, multifamily, life science, and other property types where it can create value and maximize risk-adjusted returns. Marcus Partners and its affiliates owns, controls, operates or is developing 8M+ square feet of real estate and 1,900+ multifamily units. For more information, please visit www.marcuspartners.com
31 July 2023