Senate Construction
Update
09/22/20
With the further explosion of eCommerce as a result of the pandemic, the Massachusetts industrial market has continued to remain strong, as evidenced by several recent transactions. In this installment of their series, Senate Construction, who has specialized in industrial and life science design/build for the past 30 years, will catch you up on major transactions you might have missed and highlight projects to watch in the industrial market. For those of you developing in this sector, contact Senate Construction to discuss their life industrial capabilities, rrose@senateconstruction.com, or 978.425.9802.
Transactions
This single-story, 33,000-square-foot warehouse, and manufacturing building was originally constructed in 2003. The property was purchased in May for $10.4M by Calare Properties. The building has previously traded for just $3.75M in 2012. The building is located a short drive from Routes 1 and 1A, just minutes to Logan Airport and Downtown Boston. The upcoming MBTA Silver Line extension is located steps away.
Westbrook Partners acquired the industrial/office property at 81 Commerce Drive in Fall River for $45,100,000 in early July. The nearly 600,000 square foot industrial/office building sits on a 33+ acre site. The property last traded for $24.05M in April 2017.
The warehouse building at 555 Turnpike Street in Canton was acquired by Westbrook Partners for $51M at the end of May. The nearly 550,000 square foot building sits on a 22.9-acre lot.
Amazon Revere - 135 American Legion Highway
Clarion Partners acquired the property at 135 American Legion Highway in Revere, MA for $355 million in February. In March a $22M permit was pulled for renovations to create an Amazon distribution center that is wrapping up now. The two-story building features around 826,000 square feet on a 49.96-acre site.
Projects to Watch
200 Shuman Avenue in Stoughton is an existing 160,000-square-foot manufacturing and warehouse distribution facility currently home to Globe Composite Solutions. Property owner The Shearwater Companies is currently designing a 60,000-80,000 square foot addition to the building with considerable tax incentives being offered to the end-user through Shearwater in hopes of keeping Globe Composite in town.
Core Investments is hoping to bring an Amazon last-mile distribution center to their 22 acre On The Dot site near Andrew Square. The existing warehouse building at 4 Alger Street, former home of Blue Cross Blue Shield will be renovated with an $8M permit pulled in July for this work. Amazon is set to lease the 96,000 square foot facility and is expected to open by the end of this year. The project also includes the demolition of existing buildings at 409 Dot. Ave. and 2 Alger Street to improve site accessibility along with repairs to Alger Street.
Lincoln Property Company is currently building a 345,000 square-foot state-of-the-art distribution facility in Bellingham, Mass. The Class A high-bay warehouse, named Lincoln Logistics 36, will be located on a 68-acre site at 160 Mechanic Street, just one mile from Interstate 495. The project is expected to be delivered this Fall.
Hilco Global is planning a 125,000-square-foot light industrial building along Route 107 in Saugus. Potential tenant uses at the property could include package processing and distribution (such as UPS, Amazon, FedEx), food and beverage processing and distribution (wholesale fruits and vegetables, meats and seafood), processing and distribution of high-value cargo originating from Logan Airport (i.e. pharmaceuticals, electronics), life science manufacturing and other light manufacturing and distribution uses.
Calare Properties released details in August on this planned development in Acton. The build-to-suit 120,000 square foot industrial flex space would be suitable for a range of warehouse, manufacturing, flex office, tech, and lab tenants. Located on an 11-acre site within the Nagog Park campus, the project will join a robust community home to 750,000 sq. ft. of office, lab, and flex space; a 65,000 square foot retail center; and a 380 multi-family residential property.
Presented by: Senate Construction
