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The longtime owner of a four-building industrial portfolio has sold the property for $55M in Greater Boston’s competitive Metro North market.
A joint venture of Oliver Street Capital and Bain Capital Real Estate purchased 220, 230, 234 and 240 Ballardvale St. in Wilmington, which span 256K SF and are 88% leased with tenants including Aramark and Tesla, according to CBRE, which brokered the deal.
The assets 18 miles north of Boston were sold by Carlisle Capital and sit in an area with decreasing availability, a vacancy rate under 5% and average asking rates at $10.43 per SF triple-net, the highest in the suburban market, according to CBRE’s Boston Industrial Marketview Q3 2020.
“Carlisle Capital has a long history of outstanding management of the 93 North Portfolio over their 20 plus years of ownership, and the bidding process was very competitive,” CBRE Executive Vice President Scott Dragos said in a statement.
A spokesman for Boston-based Oliver Street said the firm was excited to add the buildings to its portfolio, citing their strong location. A representative for Bain Capital declined to comment.
As the last days of 2020 fast approach, the typical flurry of year-end deals is coming in. CBRE also brokered this week the sale of a 181K SF Taunton industrial property from Invesco Real Estate to The Davis Cos. for $28.6M.
Greater Boston offers some of the nation’s highest industrial rents, but remains a “land-starved” market with 3M SF of warehouse space delivered in 2020 and just 410K SF under construction, CBRE Vice President Doug Rodenstein said earlier this month.
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