National Development Pays $11.7M For Newmarket Industrial Site
The developer behind Ink Block in Boston’s South End has made an industrial play near what some hope will be the city’s next hot neighborhood.
National Development and Charles River Realty Investors purchased a nearly three-acre site in Boston’s Newmarket Square Development District. The partnership paid $11.7M for 960 Massachusetts Ave. and 100 Newmarket St. in a deal brokered by Transwestern Consulting Group.
The properties are near the MBTA Newmarket commuter rail station as well as the 1.2M SF South Bay mixed-use development. Edens, a D.C.-based shopping center operator and developer, is underway with an 11-acre mixed-use development also near South Bay.
National Development and Charles River Realty retained Transwestern to provide leasing services for the industrial property.
“The property’s proximity to all the neighborhoods in Boston, as well as its easy access to the Massachusetts Turnpike and Interstate 93, enable building ownership to take advantage of the critical, last-mile logistics trends within the e-commerce supply chain,” Transwestern partner Chris Skeffington said in a prepared statement. “Industrial facilities located within dense population centers have never been more in-demand than in the current market.”
100 Newmarket is fully leased while 960 Massachusetts Ave. is 84% occupied with seven tenants. Boston’s urban and inner suburban industrial market had a 3.4% vacancy rate at the end of Q2.