Industrial Project On Former Rail Yard In Hyde Park Sells For $105M
An industrial development on the site of a former MBTA rail yard in Hyde Park has sold in a nine-figure deal.
Boston-based Intercontinental Real Estate Corp. acquired the site, where three of five planned industrial buildings have been developed since 2017, from First Highland Management & Development for $104.7M, according to public records from the Suffolk Registry of Deeds.
The firms didn't respond to requests for comment on the deal.
The 21-acre site is located at 8 Industrial Drive in Readville, a section of Hyde Park, the southernmost neighborhood in Boston.
First Highland had already built out three of the proposed buildings along with a 4-acre National Grid power station. One of the buildings, 52 Industrial Drive, is fully occupied by ePac Flexible Packaging and Designer's Choice. The other two finished buildings are currently unoccupied.
In a January Boston Planning & Development Agency meeting, plans for the site changed for a second time. The former owner wanted to combine two of the structures on the site to reduce some of the congestion the original design would have caused.
In 2014, First Highland filed a letter of intent for the site, planning a "light" industrial or a "maker space." The project named Readville Yard 5, was originally planned to have six different buildings with a combined 287K SF.
The Readville area has another big development taking shape on Hyde Park Avenue and Milton Street. The 1717-1725 Hyde Park Ave. project is planned to be a 331K SF mixed-use development including 273 residential units in two buildings, a 300-vehicle garage, restaurant and retail space.
Hyde Park will also soon welcome an LGBTQIA+-friendly senior housing project, The Pryde, in the former William Barton Rogers School. The project is currently under construction and is projected to complete in fall 2023.
