Berkeley Partners Buys Suburban Boston Industrial Park For $30M
Berkeley Partners has acquired three industrial buildings in Marlborough for $30.2M as the industrial market remains hot in the Boston suburbs.
The California-based investor bought the properties at 19, 41 and 53 Brigham St., known as Brigham Business Park, from an entity linked to Stockbridge Real Estate, according to property records.
The seller had purchased the properties in 2019 for $18.1M, the Worcester Business Journal reported at the time.
The properties include tenants New England Hydroponics, Hi-Tech Sound, Hubley Painting & Carpentry and Ambri Inc.
Berkeley Partners didn't respond to Bisnow's request for comment.
The investor has 39 properties totaling 4.2M SF in Greater Boston, including a 162K SF industrial building at 51 Alder St. in Medway and an 87K SF industrial property at 295 Union St. in Walpole, according to Berkeley Partners' website.
Greater Boston's industrial market finished 2023 off strong with the Metro West submarket, where Marlborough is located, seeing 423K SF of leasing in the fourth quarter and full-year net absorption of 401K SF, according to CBRE's Q4 Industrial report. The submarket also saw a handful of renewals, including Curriculum Associates’ 140K SF lease at 1 Distribution Center in Littleton and Columbia Tech’s 74K SF lease at 10 Otis St. in Westborough.
The Greater Boston industrial market had a 7.1% availability rate at the end of the year, with the Metro West submarket at 5.6%, according to CBRE, making it much tighter than other asset classes like office and life sciences.
Although industrial investment sales have dropped due to tightened lending and high interest rates, there were several high-profile transactions last quarter, including Westbrook Partners' $227.8M acquisition of a 1.6M SF portfolio and Oliver Street Capital's $54M deal for 139 Shuman Ave. in Stoughton.
