Griffith Properties JV Buys Boston Industrial Asset for $76M
- Dec 04, 2020
Griffith Properties has formed a joint venture with Dune Real Estate Partners to purchase Boston Dedham Commerce Park in Dedham, Mass., for $76 million. First Highland sold the 632,188-square-foot industrial property after 21 year of ownership.
Griffith has been involved in several notable deals this year. In October, the investor joined forces with Artemis Real Estate Partners to acquire a 230,000-square-foot creative office asset near Boston Landing for $72 million.
Located at 65 Sprague St. inside the Route 128 beltway, the facility is less than a mile from the Readville Commuter rail stop, some 13 miles from downtown Boston. Occupying more than 22 acres, the asset was originally completed in 1906 but underwent renovations in 2001 and 2013. The facility comprises five one- and two-story buildings leased to 33 tenants. First Highland is developing the adjacent Readville Yard 5, a 300,000-square-foot speculative industrial development taking shape on former MBTA land.
The greater Boston industrial market has experienced a boom in recent months, going back before the start of the pandemic, data from Newmark shows. Vacancy levels have remained at historic lows and rents continue to rise, while the area’s net absorption this year tops 2 million square feet.
Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Managing Directors J.R. McDonald and Mike Frisoli, Senior Managing Director Tyler McGrail and Director Caroline Collett worked on behalf of both parties. The brokerage company will oversee leasing efforts to bring the property to full occupancy.