The Northeast Logistics Portfolio is located in the I-495 corridor in Massachusetts.
BOSTON—Marcus Partners and partner NorthBridge Partners report the completion of a logistics property portfolio acquisition totaling 1,077,388 square feet in Massachusetts.
The two firms closed on the last property in the Northeast Logistics Portfolio—192 Mansfield Ave. in Norton, MA on Nov. 20. Marcus Partners and Northbridge closed in early October on another three logistics properties—100 Adams Road in Clinton, MA and 525 Campanelli Drive and 1010 West Chestnut St, which are both located in Brockton, MA. All four properties are located along the I-495 corridor in Massachusetts.
The properties are well-located providing excellent access to Greater Boston's highway systems and population centers, facilitating seamless “last-mile” distribution, Marcus Partners officials state. The buildings offer efficient layouts with generous column spacing, ample car and trailer parking, and desirable loading capacity. The size of the tenant spaces within the portfolio varies significantly, providing an ability to accommodate a broad spectrum of tenant requirements, they add.
No financial terms of the property purchases were released.,
“The warehouse/distribution sector is rapidly expanding and this acquisition positions us well to provide space to this supply-constrained market that continues to demonstrate strong tenant demand,” says Ryan McDonough, Marcus Partners' Boston regional director. “This portfolio provides an attractive balance of secure in-place cash flow with an opportunity to create value through lease-up, renovation, and/or expansion of the assets, and advances our goal of increased exposure to the Boston market.”
Greg Lauze, managing partner of NorthBridge Partners of Wakefield, MA, adds “We are excited to partner with Marcus Partners and look forward to collaborating with their team to continue to actively improve the assets and create further value.”
Marcus Partners and its affiliates have completed 12 warehouse/distribution acquisitions to date. The firm's current fund, Marcus Capital Partners Fund II, LP, invests in office, medical office, research and development, multifamily, warehouse and industrial properties, primarily along the East Coast.
The firm currently owns and/or manages a diversified portfolio that includes more than 7 million square feet along the East Coast. In addition to its office in Boston, Marcus Partners also operates its Metro New York office in Norwalk, CT and its Metro Washington, DC office out of Falls Church, VA.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
