Contact Us

Industrial Investor Acquires Fully Leased Greater Boston Warehouse Portfolio For $173M

132 Campanelli Drive in Brockton

A large industrial investor is making its first foray into the Greater Boston market, spending $173M for a 1M SF-plus warehouse portfolio.

GLP Capital Partners, through its GCP/Modlo platform, bought the fully leased suburban Northeast Logistics Portfolio from Marcus Partners and Northbridge Partners, parties in the deal announced Monday. The investor locks in space in the tightening Greater Boston industrial market with a vacancy rate in Q3 of 4.5% and an average asking rent of $11.49 per SF triple net, according to Newmark research.

“We felt it was a great opportunity to deliver a strong return for our investors,” Marcus Partners principal Ryan McDonough said in a statement. 

Newmark represented Marcus Partners and procured GCP. The brokerage's executive managing director, Matthew Pullen, said the portfolio presented high-quality physical infrastructure in prime locations among the region’s interstate network. GCP did not respond to a request for comment Monday afternoon.

The warehouses sit at 192 Mansfield Ave. in Norton 38 miles south of Boston; 100 Adams Road in Clinton north of Worcester; and 132 Campanelli Drive and 1010 West Chestnut St. in Brockton. The buildings combined house 11 tenants. Marcus Partners and Northbridge Partners acquired the portfolio in 2018 for $83.75M

GCP and Modlo, its logistics real estate platform, closed a $2.3B logistics property fund this summer two years after its team closed what it said was the largest private real estate transaction in history — the  $18.7B sale of GLP’s U.S. portfolio to Blackstone. The fund’s portfolio as of July included more than 25M SF of real estate nationwide. 

Newmark’s Pullen, co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher,  and Tony Coskren, Ed Jarosz, Brian Pinch and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group represented Marcus Partners and procured GLP Capital Partners. Newmark Senior Financial Analyst Nick Revers provided financial analysis support.