CBRE announced the sale of a four-building portfolio including 326 Ballardvale Street in Wilmington, 1 First Avenue in Peabody, 57 Littlefield Street in Avon and 176 Grove Street in Franklin, Massachusetts. CBRE’s Boston Capital Markets team represented the seller, a joint venture between Investcorp and Novaya Real Estate Ventures, and procured the buyer, Marcus Partners. CBRE’s Boston Capital Markets team includes Scott Dragos, Doug Jacoby, Chris Skeffington, Roy Sandeman, Anthony Hayes, Timothy Mulhall and Daniel Hines.
“The Greater Boston industrial market continues to experience unprecedented growth driven by consumption and the need to move goods through the supply chain efficiently,” stated CBRE’s Skeffington.“The joint venture between Novaya Real Estate Ventures and Investcorp was able to recognize and capitalize on this dynamic early in the market cycle, and Marcus Partners will undoubtedly benefit from continued future growth and improving market fundamentals going forward.”
The four-building portfolio, totaling 899,755 square feet of mission-critical, best-in-class warehouse/distribution space, is 97.2% leased to a diversified roster of 12 tenants. Located with superior distribution access throughout Greater Boston and beyond, the portfolio presents a critical mass of institutional-quality warehouse/distribution assets that are ideally positioned to support the continued growth across theGreater Boston industrial market.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.