Texas REIT Buys Dorchester Industrial Park For $27M
Spirit Realty Capital acquired the Alsen Mapes industrial park in Dorchester's Fields Corner neighborhood.
The Dallas-based real estate investment trust purchased multiple parcels, including 40-44 Sturtevant St. and 50 Park St., for $26.8M, according to public records. The industrial park is home to the Dutch Maid Bakery and Royal Label Co.
The properties were sold by Chicago investment firm Keystone Capital Management, public records show. Spirit Realty and Keystone Capital didn't respond to Bisnow's request for comment.
The REIT has over $9.3B in real estate investments and 347 tenants, including Life Time Fitness, private golf club owner Invited Clubs, BJ's Wholesale Club and home décor brand At Home, according to its website.
Spirit Realty's portfolio is 24.6% industrial, with distribution space making up 11.2% of its overall holdings and manufacturing accounting for 10.6%.
Boston's industrial market has slowed from its peak activity but has remained stable due to its lower supply total than other markets, experts said at a Bisnow event in February. According to CBRE, the vacancy rate for the urban industrial submarket of Boston and Cambridge stood at 2.9% as of the first quarter.
