1.2 MSF Suburban Boston Industrial Portfolio Picked Up for $90M
- Oct 25, 2012
Exeter Realty Capital has just added 1.2 million square feet of Class A industrial space to its holdings. The real estate investment firm just purchased an eight-property portfolio located in suburban Boston for $90 million.
Commercial real estate services firm Cushman & Wakefield Inc. marketed the portfolio on behalf of the seller. Cushman & Wakefield has not revealed the identity of its client, but according to various published reports, it was Colony Realty Partners that decided to put the portfolio up for grabs.
Six of the distribution and flex facilities sit within the coveted Forge Park master-planned industrial complex in Franklin, while the remaining two properties are located in the premier Myles Standish Industrial Park in Taunton.
Together, the industrial assets not only provide a desirable amount of square footage, they boast an enviable occupancy level; the group is 91 percent leased.
There has been no shortage of major portfolio transactions of late. In October alone, USAA Real Estate Co. acquired a group of fully leased facilities totaling 2.8 million square feet in metropolitan Atlanta from Prologis. Additionally Prologis parted with a 845,000-square-foot industrial portfolio in the Dallas-Fort Worth area, selling the assets, which have an average occupancy level of 96 percent, to Cobalt Capital Partners.
The second quarter was also notably active. Last month, Cohen Asset Management Inc. enhanced its holdings by 2.6 million square feet, acquiring a 96-percent leased collection of assets in various locations in Northern New Jersey from Avidan Management L.L.C. In August, Mayfield Properties L.L.C. bought a 13-property, 98-percent leased portfolio from DCT Industrial Trust Inc. And the list goes on and on.