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APCA Fund I Picks Up Suburban Asset

CANTON, MA-The Boston-based sponsors are launching a $150-million real estate fund, one three times larger than their inaugural capital pool.

By Joe Clements | Updated on April 11, 2007

(Read more on the industrial market.)

CANTON, MA-The APCA Property Fund I will purchase 110 Shawmut Rd., a 70,000-sf flex/industrial building here for $6.7 million. The fund was created by Paradigm Properties and the Ashforth Co. to be divested at the institutional level once $150 million in product is acquired and positioned to attract such capital.

“That’s the concept,” APCA principal Steve Allison tells GlobeSt.com, explaining that the process has gone so well that the group is now creating a second fund that will take a similar path. The equity raised is to be nearly three times the $52 million assembled for Fund I, says Allison, who adds that the Boston-based investor is now halfway to buying the properties needed to close out that initial vehicle, one that has $150 million in buying power. Other recent purchases for Fund I include 196 Mechanic St. in Bellingham and 176 South Washington St. in Norton, both industrial properties, while the firm has another warehouse north of Boston under agreement.

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