Boston Industrial Asset Changes Hands for $22M

DS Graphics has sold a 128,678-square-foot flex industrial asset in Lowell, Mass., for $22.1 million. The Finishing Trades Institute of the Northeast purchased the building. This marked the first time the property changed hands in more than three decades, according to CommercialEdge information.

The Stubblebine Company/CORFAC International represented the seller, while Cushman & Wakefield negotiated on behalf of the buyer.

Located on nearly 6 acres at 120 Stedman St., the facility is roughly 31 miles northwest of downtown Boston. Interstate 495 connects to U.S. Route 3 some 3 miles away, while the Boston airport and port operate within about 33 miles.

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The 1972-built property features a 165-foot truck court and parking arrangements for 155 cars, as well as an office build-out of 11.7 percent. The new owner provides apprenticeship and education programs for the construction industry, including painting, glazing and drywall finishing.

The Stubblebine Company Principals David, James and Micah Stubblebine represented DS Graphics, while Cushman & Wakefield Executive Managing Director Blake Baldwin and Director Liz Swanson negotiated on behalf of Finishing Trades Institute of NE.

Metro Boston’s pricy industrial assets

Industrial investment volume in metro Boston stood at $262 million year-to-date through April, according to a CommercialEdge report. It ranked second among Northeast markets, behind New Jersey’s imposing $1.1 billion volume.

Assets traded for $157.6 per square foot on average, above the $129 national figure, the same source shows. The property at 120 Stedman St. fetched a price higher than both values—$171.7 per square foot.

A Greater Boston collection that commanded an even larger figure consisted of the Upton Crossing facilities. Last week, Hines paid $72.8 million for the 215,000-square-foot portfolio in Wilmington, Mass., or $338 per square foot.