Goldman Sachs Provides $53M Loan For Devens Manufacturing Deal
A joint venture has acquired an advanced manufacturing facility in Devens.
Pivotal Manufacturing Partners and Declaration Partners acquired a 165K SF property 20 miles outside of Boston at 117 Hospital Road in Devens for $74M, the buyers announced Wednesday. The seller was King Street Properties.
The buyers secured $53M in acquisition financing from Goldman Sachs, Cushman & Wakefield announced Thursday.
Cushman & Wakefield's John Alascio, Alan Blank, Alex Lapidus, Rob Borden, and Heather Brown represented the borrowers in the transaction.
"As artificial intelligence and robotics continue to penetrate industrial supply chains driving new requirements for infrastructure, we are excited to own and operate this trophy real estate asset with specifications tailored to this next generation industrial renaissance,” Pivotal Manufacturing Partners Managing Partner David Robbins said in a statement.
The facility is home to Commonwealth Fusion Systems, a fusion power company that has been headquartered there since 2022. The company agreed to buy a 47-acre plot of land in Devens from MassDevelopment in 2021 and sold 11 acres of the site to King Street Properties through a sale-leaseback agreement.
CFS is a spinoff from the Massachusetts Institute of Technology's Plasma Science and Fusion Center.
The company has made several major breakthroughs just within the last year, including entering into a power agreement worth more than $1B and securing $863M in fundraising last month. CFS is also on track to build the country's first commercial fusion power plant in Chesterfield, Virginia.
Pivotal has a portfolio focused on acquiring, developing and managing manufacturing and industrial properties. Declaration, a private equity firm run by the family office of David Rubenstein, invests in real estate assets across a variety of sectors.
The property is adjacent to King Street's Pathway Devens campus, a 750K SF, five-building biomanufacturing hub, which is home to tenants Ascend Elements, Electric Hydrogen and Azzur Group.
