Black Creek Group has entered the Greater Boston industrial market with its acquisition of 176 S. Washington St. The company acquired the industrial facility for an undisclosed price from Paradigm Capital Advisors.
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The 209,643-square-foot industrial facility was built in 1986 with 28-foot clear heights, ESFR sprinkler system, 20 docks and two drive-in doors. Located next to Interstate 495, the property also offers signage capabilities. The facility is fully occupied by cabinetry wholesalers U.S. Cabinet Depot, which uses the location for distribution and warehousing.
CBRE’s Scott Dragos, Chris Skeffington, Doug Jacoby, Roy Sandeman, Tim Mulhall, Tony Hayes and Daniel Hines represented the seller in the off-market transaction.
First industrial buy in Greater Boston
Black Creek’s acquisition of 176 S. Washington St. marks the company’s first property in the Greater Boston industrial market. Alongside the Boston area market, the firm’s industrial portfolio also includes properties in California, New Jersey and Nevada. In January 2020, the company acquired a nearly 300,000-square-foot industrial facility in Mount Laurel, N.J. for $32.2 million.
Dave Fazekas, chief investment officer of industrial for Black Creek, told Commercial Property Executive that the Boston industrial market’s fundamentals show that vacancy is at an all-time low, absorption is outpacing supply and that large national tenants are entering the market.
”We have been monitoring the Boston industrial market for a period of time and over the past couple of years the fundamentals there have become extremely compelling,” Fazekas told Commercial Property Executive. “With all of this, the Greater Boston area is an active market for us to be in and something we will continue to consider as we look at acquisition opportunities.”