Strategy, in real life.
Northeast
Logistics Portfolio
Industrial Case Study
Acquired 1.1M SF industrial portfolio that offered an attractive mix of current cash flow, solar installation opportunities, and vertical and horizontal redevelopment.
Boston, MA | Total SF: 1.1M
The Northeast Logistics Portfolio includes 192 Mansfield Avenue in Norton, 100 Adams Road in Clinton, 132 Campanelli Drive, and 1010 West Chestnut Street in Brockton. Our team completed the installation of the largest solar array in the Commonwealth of Massachusetts SMART program and finalized almost 800,000 SF of leasing in 12 separate transactions including a critical 350,000 SF lease renewal with a Fortune 400 company at rents well above our original underwriting. Finally, we successfully completed the year-long entitlement process to expand the loading area of the 132 Campanelli facility to create a dramatically improved cross docked facility, ideal for today’s high volume distribution users. Upon sale, the portfolio was 100% leased to 11 tenants. Given the strong positioning of the portfolio and the dramatic increase in Boston industrial values, we made the strategic decision to sell two years earlier than our base projections, locking in an attractive return. The portfolio sold in Q4 2021.
Cash-flowing value add.
Industrial Case Study
206 Grove Street
A development opportunity created by combining land from two adjacent existing industrial assets.
Franklin, MA | Total SF: 150,000
During due diligence of our ~1M SF Boston Metro Industrial Portfolio (part of the Fund III industrial portfolio), the team leveraged the relationship with an adjacent property owner to acquire 210 Grove Street, creating a 150,000 SF industrial development opportunity at 206 Grove Street on land combined between properties.
This state-of-the-art industrial asset delivered in early 2022 and is 100% leased to a Fortune 100 company. Further, the project was the driving catalyst to securing grants which enabled a transformative local infrastructure improvement for the Town of Franklin. The asset sold in Q3 2023.
Opportunity, multiplied.
Industrial Case Study
20 Harmich Road
Off-market acquisition of cash-flowing family-owned industrial property with immediate mark-to-market opportunity, outdoor storage upside, and a heavily invested, sticky major tenant.
South Plainfield, NJ | Total SF: 199,000
This two-building industrial property, totaling 199,000 square feet, is located 4.5 miles from I-287 and just 30 minutes south of the Port of New Jersey. After a lengthy negotiation regarding pricing and structuring around environmental considerations, this off-market asset was acquired in July 2022. Upon acquisition, the building was fully leased to three tenants at approximately 50% below market rents. We successfully executed a highly accretive new lease with the existing major tenant, totaling 88,000 square feet. The strategy for this investment involves targeted property improvements and continuing to renew leases to market rates as they expire, with the aim of improving site operations and tenant maintenance for better asset performance.
Real value at the property level.
Multifamily Case Study
Mio / 1500 Main Street
Relationship with partner and our ability to move quickly provided an opportunity for a change of use, transit-orientated project.
Weymouth, MA | Total Units: 237
Developed in partnership with John M. Corcoran & Company, Mio is a three building, 237-unit, 100% market rate project located at 1500 Main Street in Weymouth, adjacent to an MBTA commuter rail station. The units were delivered on time and under budget. The new apartment homes include best-in-class amenities, contemporary design, and ample outdoor space. Along with the residential units, the property includes ground floor retail spaces, ideal for coffee/bakery, restaurant, fitness, or other service use.
Modern spaces at Mio include stainless steel appliances, plank flooring, quartz countertops, Nest learning thermostats, in-home washers & dryers, oversized windows, and high-efficiency plumbing bring a new high standard of apartment living to Weymouth. The property achieved LEED Gold certification, thanks to state-of-the-art healthy building materials and the latest ventilation technologies. The asset sold in Q2 2023.
Value of speed plus partnership.
Alexan Harrison /
3 Westchester Park Drive
Multifamily Case Study
Acquired an obsolete suburban office building through an online auction process to develop a 450-unit multifamily project.
Harrison, NY | Total Units: 450
Our team was aware of a recent zoning change in the town that allowed for a multifamily use via a special permit. The team believed the site had desirable attributes for a multifamily project given the town’s superior demographics, immediate access to multiple highways, and proximity to differentiating amenities including a brand new Wegman’s supermarket and a top performing LifeTime Fitness.
The conversion of the site would require the removal of an existing office tenant and relocation of a shared HVAC plant with an adjacent landowner. Our team was able to perform its due diligence prior to the online auction and had a solid understanding of the potential risk and reward, which provided a competitive advantage during the bidding process.
Construction commenced in October 2021 on a two‐building scheme, 450‐unit multifamily project in a vertical joint venture with Trammell Crow Residential.
Optimizing change of use.
Multifamily Case Study
DotRos Portfolio
Invested in two recently constructed, transit-oriented multifamily assets in the City of Boston at a significant discount to replacement cost through an existing relationship with an operating partner.
Boston, MA | Total Units: 107
Our team acquired the DotRos Portfolio, which includes two recently constructed, transit-oriented multifamily properties. These assets benefit from a strong market with significant barriers to entry, close proximity to public transportation and neighborhood amenities and improving urban infill market dynamics.
The generation of stable cash flow immediately upon acquisition, the lack of significant further capital requirements and the assets’ position as a value-alternative within the urban marketplace provided additional downside risk protection. We executed our value-add strategy through a leasing property and management turnaround, and further increased revenue by installing modular built-ins in studio apartments. Located in “light-urban” locations (located less than 4 miles from each other), the portfolio was less impacted by COVID than core-urban multifamily. We were able to focus on tenant retention, collections and driving occupancy.
Value of location.
Life Science Case Study
Foundry at Drydock
In Boston’s Seaport, we utilized our deep experience in the neighborhood to combine two separate sites into one state-of-the-art life science campus with an adaptive reuse component.
Boston, MA | Total SF: 262,000
Future of sustainable and
equitable development.
1.5+ years of work on a neighboring development project allowed our team to move quickly to leverage existing relationships and secure a portion of the site off‐market. This off‐market site area allowed for the project to be entitled in a streamlined and expedited manner, while significantly reducing the land cost basis.
Foundry at Drydock was 100% pre-leased to Ginkgo Bioworks, the organism company. Marcus Partners’ track record of delivering state‐of‐art life science buildings for leading users was critical in securing the lease.
The project provides a 90% reduction in fossil fuel consumption from the Massachusetts Stretch energy code and has been designed to Boston’s proposed Zero Net Carbon zoning standards. The project also has several Diversity, Equity and Inclusion initiatives. John Moriarty & Associates, one of our trusted builders for 25+ years, has partnered with Maven Construction, a BIPOC women-owned firm, to build the project. SGA, one of the nation’s leading life sciences architecture firms, is designing the project in partnership with DREAM Collaborative, a BIPOC-owned and Boston-based architectural firm.
Life Science Case Study
Charles River Plaza
Relationship-driven redevelopment created an additional 400,000+ SF of life science, medical office, and retail space, all of which was constructed while the existing garage and medical / research building remained operational.
Boston, MA | Total SF: 640,000
Major mixed-use redevelopment anchored by life science and medical office.
Ideally located in Boston adjacent to the Massachusetts General Hospital (MGH), Government Center, and Beacon Hill, this initially 229,000 SF property was purchased from the original developer.
Simultaneous with the closing, we negotiated a lease expansion and extension with MGH for 70,000 square feet of space, bringing the property to 100% occupancy.
Through a collaborative process with local community stakeholders and officials, our team obtained city approvals for the development of an additional 411,000 square feet of life science, medical office, and retail space on the property. After signing a long term 355,000 SF lease with MGH, construction commenced on this $300 million redevelopment.
Charles River Plaza is now 100% leased (to tenants including Massachusetts General Hospital, Schepens Eye Institute, Whole Foods, and CVS) and is the premier mixed-use development in Beacon Hill. A portion of the development has been sold to MGH, while an affiliate of Marcus Partners continues to manage the remainder of the property.
Medical Case Study
5 Branch
Acquired a vacant Class C office building sourced off-market through an existing relationship with the seller and anchor tenant and converted the property into a Class A medical facility.
Methuen, MA | Total SF: 94,125
Building on successful relationships.
Our team had the opportunity to acquire a vacant Class C office building and convert the asset into a state-of-the art medical facility with a comprehensive capital improvement plan. While under agreement, we signed a 15-year lease with a premier health system, Dana Farber Cancer Institute (DFCI), for 48,325 SF (51% of the building). DFCI invested significantly into the property to create a state-of-the-art cancer treatment center.
Given the capital improvements, leasing completion and aggressive pricing in medical office, we decided to place the asset on the market for sale earlier than anticipated and were pleased to achieve strong results. The property was sold in Q4 2021.