PROVIDENCE – A collection of eight industrial properties located around southeastern Massachusetts was recently sold for $160 million, according to CBRE Group Inc.
CBRE announced on Wednesday morning that the eight properties, totaling 1,277,045 square feet, were acquired by Arden Logistics Parks Inc., a Philadelphia-based vertically integrated real estate investment management firm. The properties were sold by Westbrook Partners LLC, real estate investment management company with headquarters in New York.
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Those industrial properties include 81 Commerce Drive in Fall River, which is occupied by Whirlpool and Displays2Go; 55 Samuel Barnet Blvd. in New Bedford; 45 Vineyard Road in Seekonk; 20 Townsend Road in Attleboro; 60 Maple St. in Mansfield; and 10, 15 and 50 Commerce Drive in Norton.
The properties are 97.2% occupied with a total of 23 tenants, including other companies such as Nestle and T-Mobile.
“The Southeast Massachusetts industrial portfolio represented a unique opportunity for Arden Logistics Parks to acquire a critical mass of industrial assets that combined stabilized cash flow with the ability to capitalize on the mark-to-market of rents in one of the highest growth industrial markets in the country,” said Roy Sandeman, first vice president at CBRE, which marketed the properties and arranged the sale on behalf of the seller.
CBRE said the buyer appreciated the properties’ proximity to the “growing population base in Boston” as well as the broader New England region.
“Driven by the unique supply and demand imbalance, Greater Boston continues to be one of the hottest industrial markets in the country, and we look forward to watching Arden Logistics Parks capitalize on the continued record rent growth in our market,” said Scott Dragos, executive vice president and head of capital markets at CBRE.
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
