GLP Capital Enters Boston With $173M Buy

The logistics portfolio encompasses more than 1 million square feet.

Marcus Partners has closed the disposition of a four-property logistics portfolio totaling more than 1.1 million square feet across three Boston suburbs for $173 million. GLP Capital Partners acquired the Northeast Logistics Portfolio through its fully integrated real estate platform, Modlo.

Newmark worked on behalf of the seller, procured the buyer and also offered financial analysis support. The acquisition of the fully leased portfolio marks the first purchase in Greater Boston for GCP/Modlo.

The logistics portfolio consists of:

  • The 351,950-square-foot 192 Mansfield Ave., in Norton, Mass.
  • 100 Adams Road in Clinton, Mass., totaling 344,000 square feet
  • The 334,800-square-foot 132 Campanelli Drive in Brockton, Mass.
  • 1010 W. Chestnut St., also in Brockton, encompassing 84,000 square feet

The properties last traded in 2018, when the current seller acquired the Class A Clinton facility, as well as the two Class B Brockton properties in a portfolio transaction for a combined sale price of $49.8 million. Two months later, the company also paid $34 million for the Class A Norton warehouse/distribution facility, according to CommercialEdge data.

READ ALSO: The Rational Exuberance Around Industrial Real Estate

The tenant roster of the single-building properties developed between 1967 and 1999 includes Autopart International, Rotmans and 47 Brand Apparel, among others, CommercialEdge data also shows.

100 Adams St. is within an Opportunity Zone and features 32-foot clear height, while the four-property portfolio includes a total of eight grade level doors, 80 dock high doors along with 57 truck well loading doors across a combined 77-acre site.

The four facilities offer easy access to interstates 90, 93, 95 and 495. While 1010 W. Chestnut St. is the closest to downtown Boston, roughly 25 miles south, all facilities are located less than one hour away of the city center.

CRE’s darling: the industrial sector

Despite global supply chain issues and mounting construction costs, demand for industrial space shows no signs of slowing down. As of October, industrial sales nationwide totaled more than $51.2 billion, surpassing last year’s total sales volume, according to CommercialEdge data.

Average sale prices have increased each quarter this year and as of October, industrial assets in the Boston market have traded for an average $136 price per square foot year-to-date. GCP/Modlo’s current acquisition comes down to a $155.19 price per square foot, exceeding that average.

In September, GCP landed a $250 million financing package for a logistics portfolio encompassing more than 3 million square feet across five states, acquired through its $2.3 billion logistics real estate fund which focuses on investments within North America.

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