Marcus Partners Sells Mass. Industrial Portfolio for $50M

In a $50 million deal, Marcus Partners has sold a Massachusetts industrial portfolio to an Ares Real Estate fund. The assets consist of two Class A buildings totaling 192,000 square feet and the buyer purchased the two-building portfolio. CBRE’s Chris Skeffington represented Marcus Partners in the transaction.

This portfolio includes 20 Constitution Drive in Taunton, Mass., about 40 miles south of Boston. In 2021, Marcus acquired and subsequently demolished an obsolete office building at the site. The property was rezoned for industrial use, and Marcus developed an 88,000-square-foot high-bay facility that opened in 2022. According to CommercialEdge, the property is fully leased to Wayfair and features loading doors, a dock leveler and dock bumpers.

Also included in the deal was a 104,380-square-foot building at 64 Research Drive, northwest of Boston in Haverhill, Mass. The property was developed through a partnership with Howland Development and delivered in 2021, CommercialEdge records show. Located off of I-495, 64 Research Drive is fully leased to Crane Worldwide.

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Marcus Partners has been continuously adding to its properties in the East Coast’s industrial market. Last September, the company expanded its portfolio in Southern New Jersey and Bucks County, Pa., with the acquisition of the Crossing Light Industrial Portfolio. That 25-building purchase totaled 1.2 million square feet.

Industrial purchases in Boston area

The Greater Boston industrial market has seen multiple properties change hands in recent weeks. Hines Global Income Trust purchased two facilities at Uptown Crossing, an industrial park in Wilmington, Mass. Located on 28 acres, the assets total 215,000 square feet and came online in 2023. Hines purchased the facilities from The Davis Cos. for $72.8 million. The Wilmington assets were part of a larger deal that also included two facilities near the Port of Savannah in Rincon, Ga.

In Lowell, Mass., a flex industrial property completed in 1972 came under new ownership for the first time in 30 years when it was acquired by the Finishing Trades Institute of New England, which provides professional education programs for construction tradespeople.  The 129,000-square-foot facility was sold by DS Graphics for $22.1 million.