Worcester Industrial Asset Acquired for $13.8 Million

Chacharone Properties has sold 301 Barber Avenue in Worcester to Redgate and North River Company for $13,800,000. The building features 108,000 square feet of premium industrial warehouse and office space and is currently fully leased – adding an immediate revenue-producing asset to the partnership's commercial portfolio and the first such acquisition in the promising Worcester market.

"The Worcester market is strong and economic tailwinds will continue to drive outsized industrial activity," said Redgate Executive Vice President Reid Joseph. "We believe in the relative value of the acquisition within this submarket and we look to be increasingly active within the greater Worcester industrial space."

The robust local economy and e-commerce industry are driving a period of major growth in the industrial and logistics real estate market in Worcester and Greater Boston. Amazon and other major logistics players are growing their presence in the region and existing supply is also in high demand from manufacturing, warehouse, and even life sciences companies. 301 Barber Ave. benefits from its excellent location and access at the intersection of I-190 and I-290, in addition to the dense surrounding population."

NRC, which partnered with Redgate on 301 Barber Ave., owns and operates a diversified portfolio of laboratory, R&D, office, mixed-use, residential, fine art storage, industrial and retail property. The New York-based company owns more than four million square-feet of mixed-use properties and over 300 acres of ground-up development in Massachusetts, New York, Maine, Connecticut, Vermont, Rhode Island, Pennsylvania, Maryland, Colorado and California. Presently, NRC has an additional 1 million square-feet of laboratory, industrial, and residential product in development in Massachusetts.

"Massachusetts has been one of our core markets for some time now, and Worcester County has tremendous promise with its availability of premium commercial assets and the region's ideal access to intermodal transportation," said Andrew Dulac, Vice President of Massachusetts Operations for NRC. "We're excited to be partnering with Redgate on this property and believe 301 Barber Ave. is a very strong addition to our portfolio."

In addition to growing its industrial portfolio through acquisitions and development, Redgate is also an active investor and developer of R&D, lab and office space serving the life sciences sector in Massachusetts. Additionally, Redgate – together with clients, investors and asset owners – has created an iconic and market-defining brand of premium multi-family residential communities that offer residents a dynamic urban lifestyle in revitalized communities outside Boston.

The off-market transaction at 301 Barber Ave. was facilitated by John Meador and Charlie Luce of Casco Real Estate Partners.

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