Transwestern Secures $28M for Boston Industrial Park
- Mar 03, 2017
Boston—Transwestern arranged a $28 million loan to refinance Boston Dedham Commerce Park, a five-building industrial park at 63–101 Sprague St. in Boston. Transwestern Partner Chris Skeffington and Vice President Andrew Stone arranged the permanent financing loan on behalf of First Highland Management and Development Corp. through East Boston Savings Bank.
The 654,050-square-foot, Class A industrial space is located inside the Route 128 beltway, near the Readville commuter rail stop. The park is currently 82 percent leased to more than 30 tenants, including RR Donnelly, Dancing Deer Baking Co. and Sky Zone Boston.
“First Highland’s hands-on management of the park makes it an attractive destination for both suburban and urban tenants, resulting in an asset with strong, durable cash flows,” said Skeffington in prepared remarks.
Transwestern research shows that warehouse inventory in Boston’s Central Areas reached 3 million square feet with 2 percent vacancy at the close of fourth quarter 2016. During the past 15 years, warehouse inventory in this submarket dropped by nearly 55 percent, while vacancy rates decreased by 80 percent during the past decade.
Image courtesy of Transwestern