The former facility, which Cabot bought from Necco, was headquarters for Lechmere and recently was a distribution facility for Necco. The facility is currently vacant, but Cabot says it anticipates repositioning the property for immediate occupancy.
Charlie Forbes, vice president of acquisitions, initiated and closed the transaction for Cabot Properties. Brad Spencer of Grubb & Ellis represented Cabot. Bruce Levine, Hunter Emerson and David Connolly of CB Richard Ellis repped Necco.
Since launching Cabot Properties, the firm has raised a private fund. It is seeking to acquire and develop $1.2 billion in industrial properties throughout the country in its 16 target markets. Asked whether the company is looking at other area properties, a spokesperson for the firm tells GlobeSt.com that Cabot is "always looking" for acquisitions.
"Cabot remains focused on identifying situations where it can move quickly to either close on off-market transactions or situations where it can add value by addressing vacancy," notes Franz Colloredo-Mansfeld, managing partner at Cabot. "We intend to move quickly to reposition the property possibly by expanding it and market it with the assistance of CB to a broad range of tenants."
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