Photo courtesy of Marcus Partners
Boston-based Marcus Partners sold a portfolio of six suburban industrial properties that it had assembled since 2019 for $167 million.
The six properties include the 206 Grove St. property in Franklin, where Marcus Partners developed a 150,000-square-foot facility and signed a long-term lease with an undisclosed supply chain company.
The buyer is Westbrook Partners, according to Registry of Deeds filings. The portfolio totals more than 1 million square feet and also includes 176 and 210 Grove St. in Franklin, 17 Gilmore St. in Sutton, 1 First Ave. in Peabody and 57 Littlefield St. in Avon.
“Our firm’s ability to create value through multiple channels – leasing, ground-up development, and renovation of existing assets within the portfolio – resulted in the delivery of a strong return for our investors in the face of a challenging capital markets environment,” Marcus Partners Co-Chief Investment Officer Ryan McDonough said in a statement.
Marcus Partners assembled the portfolio between 2019 and 2021.
CBRE represented the seller and procured the buyer.
The transaction takes place as the industrial real estate market is losing momentum from the strong growth of recent years.
According to a recent CBRE report, Greater Boston’s industrial market had nearly 131,000 square feet of negative absorption in the second quarter. The availability rate climbed to 6.2 percent, while leasing volume declined 26 percent from the previous quarter to 1 million square feet of new deals and 1.2 million square feet of renewals.
