JV Brings Boston-Area Industrial Facility to Full Occupancy

Homans Associates and Lowe's are set to occupy a combined 381,000 square feet.

613 Main Street. Image courtesy of Newmark

The Seyon Group and Wheelock Street Capital have signed two new leases at their 435,442-square-foot industrial property in Wilmington, Mass. 

Homans Associates is set to occupy 202,435 square feet, while Lowe’s inked a deal for 178,757 square feet. The new leases bring the building to full occupancy.

READ ALSO: Older, Multi-Tenant Industrial Assets Attract New Demand: JLL

Developed in 1983, the facility includes 281 parking spaces and 25 trailer parking spaces. According to CommercialEdge, the partnership acquired the Class A property in 2017 for $24.7 million. After the purchase, the new owners implemented a capital improvement plan, adding 21 loading docks.

Located at 613 Main St., on approximately 40 acres, the facility is within 2 miles of Interstate 93 and 15 miles of downtown Boston. The property is also 2 miles from an eight-building industrial portfolio, which traded in January for $154 million.

Newmark’s Tony Coskren, Ed Jarosz, Richard Ruggiero, Torin Taylor, Rick Schuhwerk, Brian Pinch and Lizzie Kusbit represented Seyon and Wheelock in the lease transactions. The brokerage firm has recently been retained to handle leasing at South Bay Logistics Center, a 145,840-square-foot industrial development in Carson, Calif. The project is slated for a fall completion.

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