Image courtesy of Google Maps.
An 18-acre property on the Chelsea-Everett border that’s home to a large produce wholesaler could be redeveloped as last-mile distribution space following its acquisition by The Davis Cos.
The Boston-based developer bought the Boston Market Terminal Corp. property at 34 and 45 Market St. for $28.5 million and will kick off permitting for a state-of-the-art distribution center early next year, said Stephen Davis, The Davis Cos.’ managing director of development.
“Based upon the rumors of our acquisition, we’ve already been approached by a number of well-known tenants,” Davis said. “It’s really hard to find well-located industrial property in Greater Boston, as they are being redeveloped for multifamily use.”
Davis declined to discuss potential tenants including Amazon, but said The Davis Cos. pursued the off-market acquisition because of the property’s proximity to downtown Boston and Logan International Airport.
“Our view is this location presents a compelling last-mile distribution opportunity,” Davis said.
Amazon’s appetite for distribution space near the airport recently validated another local developer’s strategy for the future of the former Necco factory in Revere. Framingham-based Atlantic Management and VMD Cos. of North Andover acquired the 50-acre property in 2018 for $54.6 million and leased the entire 800,000-square-foot facility to Amazon this fall.
Davis declined to comment on the future of the Boston Market Terminal, and the company was not immediately available.
Everett has attracted intense interest by multifamily developers this year.
In November, Lennar Multifamily Communities proposed 398 apartments at a 5.7-acre industrial site at 65 Norman St.
Capital Hall Partners, a Santa Monica, California developer, is seeking to build 591 apartments on a vacant industrial property just off Revere Beach Parkway in what would be the city’s largest residential development.
And Chicago-based Equity Residential was one of five companies that submitted proposals to redevelop a 1-acre municipal parking lot at 36 Everett St., in the first phase of the city’s downtown urban renewal plan. Three local developers were recently selected as finalists.
