Exclusive: Blackstone Buys Boston Facility
The firm took out a $42 million acquisition loan.
Blackstone has paid $58.5 million for an 87,000-square-foot, Class A industrial property in Saugus, Mass., according to Yardi Research Data. The buyer also secured a $42 million acquisition loan from AIG Insurance Co.
Hilco Real Estate sold the asset, the same source shows. The firm developed the property with $40.3 million in construction financing provided by Middlesex Savings Bank.
The facility within Boston’s North Shore submarket came online in 2023. The project was designed as a UPS distribution center and is currently fully occupied by the e-commerce company.
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Occupying a 7-acre lot at 150 Salem Turnpike, the facility features 14 dock-high doors and 162 vehicle parking spaces. It is located on State Route 107, near Fox Hill Bridge and the River Works train station. Boston Logan International Airport is 7 miles away, while downtown Boston is within 12 miles.
Hilco acquired the land in 2020, which previously served as an auto salvage and repair yard. Menard USA was appointed to conduct ground improvement work and demolish three vacant buildings.
Blackstone itself currently owns only this warehouse in the Boston metro area, Yardi Research Data shows. However, its Link Logistics arm has a significant footprint in the market: The company’s portfolio consists of six industrial properties totaling 777,217 square feet, mainly purchased in 2021.
Blackstone’s recent industrial deals
Blackstone has made multiple industrial investments this year, reflecting the sector’s remarkable resilience and sustained demand. In July, Core+ funds affiliated with Blackstone completed a transaction involving a 6 million-square-foot portfolio spread across the Dallas, Houston and Chicago metro areas. Through this agreement, Blackstone holds a 95 percent stake in the portfolio, having paid $718 million for it.
In another deal, the firm sold a 784,000-square-foot industrial collection across Northern New Jersey for $208 million. Bain Capital and Oliver Street Capital acquired the 11 Class B warehouses.
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