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An investment management group acquired its first major Greater Boston area portfolio consisting of 1.3M SF of industrial space.
Arden Logistics Parks bought eight properties across six locations south of Boston, according to a press release. The facilities are 98% leased with local, regional and national tenants. The portfolio sold for $160M, according to a CBRE press release.
"The acquisition of this portfolio allows us to establish meaningful scale in a hyper-local market where large portfolio trades are few and far between," Arden Director of Acquisitions Christian Vergilio said in a statement. "Additionally, we believe that the Greater Boston industrial market is one of the hottest in the country, as demand remains extremely high, driving rental rates to record levels. Over the last 18 months the industrial fundamentals have strengthened even further due to the exponential growth of e-commerce, stockpiling of inventory, and supply chain onshoring."
The portfolio is located at 60 Maple St. in Mansfield; 81 Commerce Drive in Fall River; 55 Samuel Barnet Blvd. in New Bedford; 45 Vineyard Road in Seekonk; 20 Townsend Road in Attleboro and 10, 15 and 50 Commerce Drive in Norton.
The deal was brokered by CBRE Boston's Roy Sandeman and Scott Dragos.
Greater Boston's industrial market has remained strong in 2022, with vacancy rates at 5.3% and developable land hard to find, according to Colliers' 2022 first-quarter industrial report.
Earlier this year, ALP, in a joint venture with Arcapita Group Holdings, announced plans to grow its portfolio to up to $2B in gross asset value in the top 25 U.S. industrial markets. In November, the partnership closed on $800M of properties over 7M SF in 18 industrial parks in Atlanta; Charlotte, North Carolina; Columbus, Ohio; Dallas; Houston; Philadelphia; and Indianapolis.
UPDATE, JUNE 8, 10:15 A.M. ET: This story has been updated with the sale price and addresses of the properties.
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