A California investor with a large Greater Boston portfolio has acquired a pair of industrial buildings in the suburbs.
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Oakland-based Berkeley Partners bought buildings in Marlborough and Northborough for a combined $36M, according to public records. The seller was Houston-based McCord Development.
Berkeley Partners didn’t respond to Bisnow’s request for comment.
The industrial properties are located at 870 Donald Lynch Blvd. in Marlborough and 30 Barefoot Road in Northborough.
The Marlborough building is a 59K SF research and development property that has been home to Aspen Aerogels since 2022. The Northborough property is a 65K SF facility adhering to Good Manufacturing Practices regulations.
CBRE brokered the sale, according to a LinkedIn post from Vice Chairman Scott Dragos.
Berkeley owns and operates 43 properties totaling more than 4M SF in the Greater Boston area. Nationally, the firm is active in 15 markets and owns 131 assets, primarily industrial.
FINANCING
The developers of 29 housing projects across Massachusetts have secured $278M in public financing. The funding was awarded to projects planned to create or preserve roughly 2,500 units. The funding, including a mix of state and federal tax credits and subsidies, marks the largest single round awarded in the state in more than a decade.
SALES
A 91K SF flex-industrial building sold to Tritower Financial for $18.7M, according to deed records. The seller in the deal was The Shearwater Cos., which has owned the property since 2022. The one-story, Class-A industrial building is 100% leased to Arrow Interventional, a wholly owned subsidiary of Teleflex. CBRE brokered the sale, according to a LinkedIn post from Vice Chairman Scott Dragos.
PERSONNEL
Molly Heath has joined CBRE as an executive vice president, the Boston Business Journal reported. She joins CBRE after a roughly 20-year stint at JLL, most recently as co-lead of the firm’s Boston life sciences practice. Heath's notable projects at JLL include Vertex Pharmaceuticals’ headquarters renewal at Fan Pier.
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Ascent Developer Solutions appointed John Richardson as chief credit officer. Richardson joins Ascent from Arbor Realty Trust, where he served as chief credit officer and managed an underwriting pipeline exceeding $5B in annual production across 500 Fannie Mae and Freddie Mac loans. Richardson will be based out of the lender’s newly formed New England office in Massachusetts.
CONSTRUCTION AND DEVELOPMENT
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DivcoWest won approval for its 596K SF life sciences project at 120-132 Middlesex Ave. in Somerville. The approval comes after the developer filed a two-year permit extension in 2024, citing slow lab leasing in the city. The developer doesn’t plan to break ground speculatively, but representatives said having entitlements in place will help land a tenant.
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Merrimack College and Greystar celebrated the opening of two residence halls on the college’s North Andover campus. The two buildings add 537 new beds to the campus. The Shawsheen Residence Hall totals almost 80K SF and includes 351 beds, and the Essex Residence Hall encompasses 61K SF and 186 beds.
Merrimack College entered into a public-private partnership with Greystar in an effort to address the school's growing need for housing.
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